Cedar Fair, L.P. (NYSE:FUN) Short Interest Update

Cedar Fair, L.P. (NYSE:FUN) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 10,160,000 shares, a drop of 5.1% from the September 30th total of 10,710,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is presently 6.0 days.

Cedar Fair Trading Down 1.9 %

Shares of NYSE:FUN traded down $0.77 during midday trading on Thursday, hitting $40.22. The stock had a trading volume of 489,936 shares, compared to its average volume of 934,911. The stock has a 50 day moving average price of $40.76 and a two-hundred day moving average price of $44.00. Cedar Fair has a 1 year low of $34.38 and a 1 year high of $58.70. The company has a market capitalization of $4.03 billion, a PE ratio of 16.60 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. The firm had revenue of $571.62 million during the quarter, compared to analysts’ expectations of $525.57 million. As a group, equities analysts expect that Cedar Fair will post 2.02 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. The Goldman Sachs Group lowered their price target on shares of Cedar Fair from $55.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Guggenheim began coverage on Cedar Fair in a research note on Tuesday. They issued a “buy” rating and a $52.00 price target for the company. 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 report on Friday, October 4th. Macquarie lowered their target price on shares of Cedar Fair from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Finally, Truist Financial reduced their price objective on Cedar Fair from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Cedar Fair currently has a consensus rating of “Moderate Buy” and an average price target of $55.46.

Institutional Investors Weigh In On Cedar Fair

Several institutional investors and hedge funds have recently modified their holdings of FUN. Torno Capital LLC acquired a new stake in Cedar Fair during the second quarter valued at approximately $4,413,000. HAP Trading LLC acquired a new position in Cedar Fair in the first quarter worth $1,329,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its position in shares of Cedar Fair by 121.9% in the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 24,268 shares of the company’s stock worth $1,017,000 after buying an additional 13,332 shares during the last quarter. HM Payson & Co. acquired a new position in shares of Cedar Fair in the 1st quarter valued at about $332,000. Finally, Thrive Wealth Management LLC bought a new stake in shares of Cedar Fair during the 2nd quarter valued at about $252,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

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.