Nothing can effect a stock to the downside quite as drastically as the words “Class Action Lawsuit”. This is what is causeing shares of Party City Holdco Inc (NYSE:PRTY) to trade down significantly this afternoon.
The Rosen Law Firm has announced that they’ve filed a class action lawsuit against Party City Holdco Inc (NYSE:PRTY), on behalf of investors who purchased shares of the stock in pursuant to the Registration Statement and Prospectus issued for the company’s initial public offering on April 16, 2015.
The law firm is asking anyone who purchased shares of the stock pursuant to the Registration Statement and Prospectus, to join the action.
The stock is down 6.12% or $0.79 following the news, hitting $12.11 per share. Approximately 216,570 shares traded hands. PRTY shares have declined 40.74% since May 14, 2015 and are currently downtrending. It has underperformed the S&P500 by 38.47%.
From a total of 3 analysts covering Party City Holdco Inc (NYSE:PRTY) stock, 2 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 67% of the ratings are positive. The highest target price is $25 while the lowest target price is $18. The mean of all analyst targets is $20 which is 65.15% above today’s ($12.11) stock price. Party City Holdco Inc was the topic of 6 analyst reports since August 14, 2015 according to the firm StockzIntelligence Inc. Bank of America downgraded shares on December 11 to a “Neutral” rating. Telsey Advisory Group maintained PRTY stock in a recent report from November 13 with a “Outperform” rating.
Party City Holdco Inc. is a designer, maker and distributor of decorated party supplies. The company has a market cap of $1.53 billion. The Firm operates in two divisions: Retail and Wholesale. It has 707.36 P/E ratio. The Company, through Retail segment, engages in the sale of merchandise through party goods stores and online through its e-commerce Websites, including www.PartyCity.com.