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

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

Cedar Fair Price Performance

NYSE FUN traded down $1.76 on Tuesday, reaching $38.55. The stock had a trading volume of 2,035,078 shares, compared to its average volume of 891,156. The company has a market cap of $1.98 billion, a P/E ratio of 15.86 and a beta of 1.55. Cedar Fair has a 1-year low of $34.04 and a 1-year high of $58.70. The firm has a fifty day moving average of $43.18 and a two-hundred day moving average of $44.32.

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

Institutional Trading of Cedar Fair

Large investors have recently modified their holdings of the stock. CWM LLC lifted its position in shares of Cedar Fair by 932.0% during the 2nd quarter. CWM LLC now owns 2,064 shares of the company’s stock worth $112,000 after buying an additional 1,864 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Cedar Fair by 10.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,300 shares of the company’s stock worth $131,000 after buying an additional 300 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position 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 worth $157,000 after buying an additional 1,400 shares during the last quarter. Brookstone Capital Management bought a new stake in shares of Cedar Fair during the 2nd quarter worth $215,000. Finally, Thrive Wealth Management LLC bought a new stake in shares of Cedar Fair during the 2nd quarter worth $252,000. 64.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Truist Financial decreased their target price on Cedar Fair from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Stifel Nicolaus decreased their price objective on Cedar Fair from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, August 9th. B. Riley decreased their price objective on Cedar Fair from $77.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Citigroup cut their target price on Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, The Goldman Sachs Group cut their target price on Cedar Fair from $63.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Cedar Fair has an average rating of “Moderate Buy” and a consensus target price of $57.91.

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.