Six Flags Entertainment (NYSE:SIX) Downgraded by B. Riley to Neutral

B. Riley cut shares of Six Flags Entertainment (NYSE:SIXGet Rating) from a buy rating to a neutral rating in a research report released on Tuesday morning, MarketBeat reports. The brokerage currently has $24.00 price target on the stock, down from their prior price target of $55.00.

A number of other research analysts also recently commented on the stock. Truist Financial dropped their target price on shares of Six Flags Entertainment from $46.00 to $32.00 in a research report on Friday, May 13th. Citigroup dropped their target price on shares of Six Flags Entertainment from $51.00 to $41.00 in a research report on Friday, May 13th. StockNews.com began coverage on shares of Six Flags Entertainment in a research report on Thursday, March 31st. They issued a hold rating on the stock. Rosenblatt Securities began coverage on shares of Six Flags Entertainment in a research report on Monday, April 25th. They issued a buy rating and a $56.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Six Flags Entertainment from $57.00 to $56.00 in a research report on Friday, May 13th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Six Flags Entertainment currently has a consensus rating of Moderate Buy and a consensus price target of $46.44.

Shares of NYSE:SIX opened at $21.02 on Tuesday. Six Flags Entertainment has a 52 week low of $19.91 and a 52 week high of $47.24. The company’s 50 day moving average is $31.09 and its two-hundred day moving average is $37.97. The company has a market cap of $1.82 billion, a PE ratio of 11.49 and a beta of 2.24.

Six Flags Entertainment (NYSE:SIXGet Rating) last announced its quarterly earnings data on Thursday, May 12th. The company reported ($0.76) EPS for the quarter, beating analysts’ consensus estimates of ($1.07) by $0.31. Six Flags Entertainment had a net margin of 10.31% and a negative return on equity of 15.34%. The company had revenue of $138.10 million for the quarter, compared to the consensus estimate of $122.26 million. During the same period in the prior year, the firm posted ($1.12) EPS. The company’s quarterly revenue was up 68.4% compared to the same quarter last year. As a group, research analysts expect that Six Flags Entertainment will post 2.55 earnings per share for the current fiscal year.

In other news, Director Arik W. Ruchim bought 70,000 shares of Six Flags Entertainment stock in a transaction dated Monday, May 16th. The stock was bought at an average price of $28.66 per share, for a total transaction of $2,006,200.00. Following the purchase, the director now owns 9,200,000 shares of the company’s stock, valued at $263,672,000. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Rehan Jaffer bought 150,000 shares of Six Flags Entertainment stock in a transaction dated Tuesday, May 17th. The stock was purchased at an average price of $28.32 per share, with a total value of $4,248,000.00. Following the purchase, the insider now directly owns 9,350,000 shares in the company, valued at approximately $264,792,000. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 553,325 shares of company stock valued at $16,049,162. 0.41% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in SIX. Dark Forest Capital Management LP acquired a new stake in shares of Six Flags Entertainment in the third quarter valued at about $176,000. Invesco Ltd. lifted its stake in shares of Six Flags Entertainment by 94.7% in the third quarter. Invesco Ltd. now owns 226,858 shares of the company’s stock valued at $9,641,000 after purchasing an additional 110,349 shares during the period. Morgan Stanley lifted its stake in shares of Six Flags Entertainment by 31.7% in the third quarter. Morgan Stanley now owns 734,668 shares of the company’s stock valued at $31,224,000 after purchasing an additional 176,675 shares during the period. LPL Financial LLC lifted its stake in shares of Six Flags Entertainment by 9.1% in the third quarter. LPL Financial LLC now owns 40,160 shares of the company’s stock valued at $1,707,000 after purchasing an additional 3,365 shares during the period. Finally, Verition Fund Management LLC lifted its stake in shares of Six Flags Entertainment by 60.2% in the third quarter. Verition Fund Management LLC now owns 12,141 shares of the company’s stock valued at $516,000 after purchasing an additional 4,564 shares during the period. Institutional investors own 88.55% of the company’s stock.

Six Flags Entertainment Company Profile (Get Rating)

Six Flags Entertainment Corporation owns and operates regional theme and waterparks under the Six Flags name. Its parks offer various thrill rides, water attractions, themed areas, concerts and shows, restaurants, game venues, and retail outlets. The company also sells food, beverages, merchandise, and other products and services within its parks.

Further Reading

Analyst Recommendations for Six Flags Entertainment (NYSE:SIX)

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