Short Interest in Cedar Fair, L.P. (NYSE:FUN) Decreases By 8.0%

Cedar Fair, L.P. (NYSE:FUN) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 9,030,000 shares, a drop of 8.0% from the August 31st total of 9,820,000 shares. Based on an average daily volume of 2,070,000 shares, the days-to-cover ratio is currently 4.4 days.

Hedge Funds Weigh In On Cedar Fair

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FUN. Goldman Sachs Group Inc. lifted its position in Cedar Fair by 15.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock worth $159,553,000 after purchasing an additional 539,352 shares during the period. Torno Capital LLC bought a new position in Cedar Fair in the second quarter worth $4,413,000. Brookstone Capital Management bought a new position in shares of Cedar Fair during the second quarter valued at $215,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Cedar Fair by 26.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock valued at $418,000 after acquiring an additional 1,620 shares during the period. Finally, CWM LLC lifted its holdings in shares of Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after acquiring an additional 1,864 shares during the period. Institutional investors and hedge funds own 64.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FUN. Truist Financial cut their price objective on Cedar Fair from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. dropped their price objective on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a report on Monday, September 16th. Morgan Stanley raised their price target on Cedar Fair from $55.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, July 1st. StockNews.com began coverage on Cedar Fair in a research report on Wednesday, September 4th. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group lowered their target price on Cedar Fair from $63.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average target price of $57.91.

Cedar Fair Trading Down 4.4 %

FUN stock traded down $1.76 during trading on Tuesday, hitting $38.55. The company had a trading volume of 2,035,078 shares, compared to its average volume of 891,156. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $58.70. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 15.86 and a beta of 1.55. The business has a 50 day moving average of $43.18 and a 200 day moving average of $44.32.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. The business had revenue of $571.62 million during the quarter, compared to analyst estimates of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. As a group, equities analysts predict that Cedar Fair will post 2.09 EPS for the current year.

About Cedar Fair

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.