Cedar Fair (NYSE:FUN) Shares Down 6.3% – Here’s Why

Cedar Fair, L.P. (NYSE:FUN) shares were down 6.3% on Tuesday . The company traded as low as $36.17 and last traded at $36.42. Approximately 189,642 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 1,203,848 shares. The stock had previously closed at $38.88.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FUN shares. Citigroup lifted their price objective on shares of Cedar Fair from $53.00 to $57.00 and gave the company a “buy” rating in a report on Monday, December 2nd. StockNews.com cut shares of Cedar Fair from a “hold” rating to a “sell” rating in a report on Thursday, March 6th. Macquarie reissued an “outperform” rating and set a $55.00 target price on shares of Cedar Fair in a research note on Friday, March 7th. Truist Financial boosted their target price on shares of Cedar Fair from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group started coverage on shares of Cedar Fair in a research note on Monday, December 9th. They set a “buy” rating and a $59.00 target price for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.07.

Cedar Fair Stock Down 5.8 %

The company has a current ratio of 0.40, a quick ratio of 0.32 and a debt-to-equity ratio of 1.95. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -57.19 and a beta of 1.54. The firm’s fifty day simple moving average is $43.48 and its two-hundred day simple moving average is $43.53.

Hedge Funds Weigh In On Cedar Fair

A hedge fund recently bought a new stake in Cedar Fair stock. Mutual of America Capital Management LLC acquired a new position in shares of Cedar Fair, L.P. (NYSE:FUN) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,459 shares of the company’s stock, valued at approximately $260,000. 64.65% of the stock is currently owned by hedge funds and other institutional investors.

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.