Cedar Fair (NYSE:FUN) Stock Price Down 4.6% – Here’s What Happened

Cedar Fair, L.P. (NYSE:FUN)’s share price was down 4.6% during trading on Monday . The company traded as low as $31.72 and last traded at $31.72. Approximately 1,828,259 shares were traded during trading, an increase of 9% from the average daily volume of 1,680,054 shares. The stock had previously closed at $33.25.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Cedar Fair from $46.00 to $28.00 and set an “underweight” rating on the stock in a research note on Thursday, April 17th. Truist Financial lowered their price target on Cedar Fair from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group reduced their price objective on shares of Cedar Fair from $45.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Barclays upped their target price on shares of Cedar Fair from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Wednesday, May 21st. Finally, Morgan Stanley reduced their price target on shares of Cedar Fair from $58.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Cedar Fair has an average rating of “Moderate Buy” and a consensus target price of $49.20.

Cedar Fair Stock Performance

The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -49.71 and a beta of 0.79. The stock has a 50-day moving average of $34.20 and a 200-day moving average of $40.61. The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.32 and a current ratio of 0.40.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($2.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.29) by $0.09. Cedar Fair had a net margin of 0.99% and a return on equity of 113.05%. The company had revenue of $202.06 million for the quarter, compared to the consensus estimate of $235.51 million. The firm’s revenue for the quarter was up 98.9% compared to the same quarter last year. As a group, analysts anticipate that Cedar Fair, L.P. will post 0.83 EPS for the current fiscal year.

Insider Transactions at Cedar Fair

In related news, Director Michelle M. Frymire sold 5,929 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $37.89, for a total value of $224,649.81. Following the completion of the transaction, the director now directly owns 7,162 shares of the company’s stock, valued at approximately $271,368.18. This trade represents a 45.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cedar Fair stock. Peregrine Capital Management LLC increased its holdings in shares of Cedar Fair, L.P. (NYSE:FUN) by 7.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 131,499 shares of the company’s stock after purchasing an additional 9,231 shares during the period. Peregrine Capital Management LLC owned 0.13% of Cedar Fair worth $4,691,000 as of its most recent filing with the SEC. 64.65% of the stock is currently owned by hedge funds and other 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.