Penny Stocks To Watch #4: Party City
Party City Holdco (PRTY Stock Report) has been one of the brick and mortar, turned brick and click penny stocks to watch this year. Surprisingly, it is one of the few retail penny stocks that hasn’t written a sad story of epic failure (yet). There’s no doubt that a “non-eCommerce” model of some sort was a lapse in judgment for countless retailers who fell victim to bankruptcies and closures stemming from the pandemic. So far, PRTY stock has experienced a relatively consistent uptrend in the stock market.
Over the last few weeks, large shareholders have increased positions. Namely, Clifford Sosin of CAS Investment Partners LLC filed two FORM 4s earlier in August, It shows that he increased his position to over 12 million shares of PRTY stock. The purchases were made between $1.7432 and $1.9348 from August 7th through the 12th.
In Q2, Party City reported better than expected sales results. That has continued to help fuel the rally in PRTY stock. What’s more important to note is that the company reported an 83% increase in North American eCommerce sales for the quarter. While June comp sales were down 6.5%, July brand comps were positive according to the company. This month, the company revealed new trends to help “You Boo You” safely this season. Party City also put an emphasis on the fact it’s not just providing products in stores but also online. Since the end of May, PRTY stock has jumped as much as 296%.
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