Cedar Fair (NYSE:FUN) Trading Down 3.1% – Here’s Why

Cedar Fair, L.P. (NYSE:FUN)’s stock price fell 3.1% during trading on Wednesday . The stock traded as low as $44.75 and last traded at $44.84. 851,115 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 1,157,136 shares. The stock had previously closed at $46.27.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FUN. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Cedar Fair from $65.00 to $58.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. The Goldman Sachs Group lowered their target price on Cedar Fair from $55.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Truist Financial upped their price target on Cedar Fair from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Guggenheim boosted their target price on shares of Cedar Fair from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Citigroup increased their price target on shares of Cedar Fair from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Cedar Fair has a consensus rating of “Moderate Buy” and an average target price of $56.21.

Cedar Fair Price Performance

The firm has a 50-day moving average of $46.93 and a 200-day moving average of $45.08. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.32 and a current ratio of 0.40. The firm has a market capitalization of $4.44 billion, a P/E ratio of -69.16 and a beta of 1.56.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. S.A. Mason LLC grew its holdings in shares of Cedar Fair by 63.1% in the third quarter. S.A. Mason LLC now owns 993 shares of the company’s stock worth $40,000 after acquiring an additional 384 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in shares of Cedar Fair by 94.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after purchasing an additional 1,400 shares during the period. Mutual of America Capital Management LLC purchased a new stake in shares of Cedar Fair during the 3rd quarter valued at about $260,000. Finally, Torno Capital LLC bought a new position in shares of Cedar Fair in the 2nd quarter worth approximately $4,413,000. 64.65% of the stock is owned by institutional investors.

Cedar Fair Company Profile

Cedar Fair, L.P. owns and operates amusement and water parks, as well as complementary resort facilities. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Knott's Berry Farm near Los Angeles, California; Canada's Wonderland near Toronto, Ontario; Kings Island near Cincinnati, Ohio; Carowinds in Charlotte, North Carolina; Kings Dominion situated near Richmond, Virginia; California's Great America located in Santa Clara, California; Dorney Park in Pennsylvania; Worlds of Fun located in Kansas City, Missouri; Valleyfair situated near Minneapolis/St.