Cedar Fair (NYSE:FUN) Sees Unusually-High Trading Volume – Here’s Why

Cedar Fair, L.P. (NYSE:FUN) saw unusually-high trading volume on Wednesday . Approximately 3,539,289 shares changed hands during trading, an increase of 269% from the previous session’s volume of 960,387 shares.The stock last traded at $47.17 and had previously closed at $42.55.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Cedar Fair from $48.00 to $43.00 and set an “underweight” rating for the company in a report on Monday, September 16th. The Goldman Sachs Group lowered their price target on shares of Cedar Fair from $55.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Citigroup lowered their price target on shares of Cedar Fair from $61.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Mizuho lowered their price target on shares of Cedar Fair from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, Macquarie lowered their price target on shares of Cedar Fair from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Cedar Fair has an average rating of “Moderate Buy” and a consensus price target of $55.46.

Cedar Fair Trading Up 7.3 %

The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 19.41 and a beta of 1.55. The stock’s 50 day moving average is $40.54 and its two-hundred day moving average is $44.10.

Cedar Fair (NYSE:FUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. The firm had revenue of $571.62 million during the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. On average, sell-side analysts predict that Cedar Fair, L.P. will post 2.14 EPS for the current year.

Hedge Funds Weigh In On Cedar Fair

Large investors have recently bought and sold shares of the company. S.A. Mason LLC raised its position in Cedar Fair by 63.1% during the 3rd quarter. S.A. Mason LLC now owns 993 shares of the company’s stock worth $40,000 after buying an additional 384 shares during the last quarter. CWM LLC raised its position in 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. Benjamin F. Edwards & Company Inc. raised its position in 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 purchased a new position in Cedar Fair during the 2nd quarter worth $215,000. Finally, Thrive Wealth Management LLC purchased a new position in Cedar Fair during the 2nd quarter worth $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.