Penny Stocks To Buy [or ignore] #3: Party City
Believe it or not, there are companies that some wouldn’t consider penny stocks even though they trade below $5. In this instance, Party City (PRTY – Free Report), one of the most popular party supply chains in the world finds itself trading as a penny stock.
However, just because the price per share is low, doesn’t mean the company itself is hurting; or does it? Since seeing highs of over $22 in 2015, it has become a story of volatile moves in the market thanks to a slew of different “Unforeseen” developments and even SEC violations that lead to delisting in 1999.
If you were invested in this stock back then, I’m sorry to remind you about it now. However, those looking at Party City for the first time, now are seeing it during a bullish move. For the better part of the last few months, PRTY stock has been in rally mode. After hitting all-time lows of $1.52, shares have been climbing. In fact, that move saw the stock rebound by over 100%. So what has been happening with this party supply company?
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Party City has begun to assess its current business model. Much of its challenges have come from its shortcomings in eCommerce. The company plans to close a number of stores to curb costs. In light of this, the company has sought out the help of a new CFO, former Chico’s (CHS – Free Report) CFO, Todd Vogensen. Will his vision be able to return the party brand back to its former glory?
