United Parks & Resorts Stock Down 35% This Past Year, and One Fund Just Sold Its Entire $14 Million Stake
Key Points
Breach Inlet Capital Management sold 263,962 shares of United Parks & Resorts in the fourth quarter.
The quarter-end position value in PRKS dropped by $13.65 million as a result.
The position previously accounted for 6.7% of the fund’s AUM in the prior quarter, marking a significant shift in exposure.
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On February 17, 2026, Breach Inlet Capital Management reported selling its entire stake in United Parks & Resorts (NYSE:PRKS), unloading 263,962 shares worth $13.65 million.
What happened
According to a SEC filing dated February 17, 2026, Breach Inlet Capital Management sold its entire holding of 263,962 shares in United Parks & Resorts (NYSE:PRKS) during the fourth quarter. The fund’s quarter-end position value in PRKS dropped by $13.65 million as a result.
What else to know
- Top holdings after the filing:
- NYSE:HGV: $37.83 million (17.8% of AUM)
- NASDAQ:BATRA: $30.23 million (14.2% of AUM)
- NASDAQ:DAKT: $25.16 million (11.8% of AUM)
- NYSE:PRG: $22.50 million (10.6% of AUM)
- NYSE:MANU: $19.47 million (9.2% of AUM)
- As of February 17, 2026, shares of United Parks & Resorts were priced at $34.79, down 35.2% over the past year and underperforming the S&P 500 by 45.75 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.67 billion |
| Net income (TTM) | $181.20 million |
| Price (as of market close February 17, 2026) | $34.79 |
| One-year price change | (35.24%) |
Company snapshot
- United Parks operates theme and water parks in the United States under brands including SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Water Country USA, Adventure Island, and Sesame Place
- Its business model centers on operating theme and water parks in major tourist regions, generating revenue from admissions, in-park spending, and special events
- The company serves families, tourists, and leisure seekers in key U.S. markets such as Orlando, San Antonio, San Diego, Tampa, Williamsburg, Chula Vista, and Langhorne
The company operates a portfolio of theme and water parks across the United States, leveraging well-known brands and a broad geographic footprint in major tourist regions. Its strategy focuses on maximizing guest experience and in-park spending while maintaining a presence in key leisure destinations.
What this transaction means for investors
Theme park operators live and die by attendance trends and pricing power. When both wobble at the same time, it gets harder to defend a concentrated position. United Parks & Resorts reported third-quarter revenue of $511.9 million, down 6.2%, while net income fell 25% to $89.3 million and adjusted EBITDA dropped 16% to $216.3 million.
That backdrop helps explain why an investor would step aside, especially during a 35% one-year share price decline. And here it’s particularly notable because the move marked a full exit from a position that previously represented a meaningful slice of assets.
The remaining top holdings lean heavily toward asset-light, recurring-revenue or cash-flowing service businesses, not weather-sensitive leisure operators. Compared with healthcare distributors, data platforms, and global travel operators in the portfolio, a highly seasonal park operator with falling attendance looks like the odd one out. For long-term investors, the key question remains execution. Management is guiding toward operational improvements and has authorized $500 million in buybacks. But until attendance stabilizes and per-capita pricing reaccelerates, patience may be tested.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends PROG Holdings and United Parks & Resorts. The Motley Fool has a disclosure policy.
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