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

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

Institutional Investors Weigh In On Cedar Fair

Large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its position in shares of Cedar Fair by 15.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,008,868 shares of the company’s stock worth $159,553,000 after buying an additional 539,352 shares during the last quarter. Torno Capital LLC bought a new stake in shares of Cedar Fair in the 2nd quarter worth approximately $4,413,000. Brookstone Capital Management bought a new stake in shares of Cedar Fair in the 2nd quarter worth approximately $215,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Cedar Fair by 26.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,688 shares of the company’s stock worth $418,000 after buying an additional 1,620 shares during the last quarter. Finally, CWM LLC grew its position in shares of Cedar Fair by 932.0% in 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. 64.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on FUN. Oppenheimer increased their price target on Cedar Fair from $49.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Morgan Stanley raised their target price on Cedar Fair from $55.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, July 1st. Stifel Nicolaus cut their target price on Cedar Fair from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their target price on Cedar Fair from $48.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, September 16th. Finally, Truist Financial cut their target price on Cedar Fair from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.91.

Cedar Fair Stock Down 4.4 %

Shares of NYSE FUN traded down $1.76 during trading hours on Tuesday, reaching $38.55. 2,035,078 shares of the stock traded hands, compared to its average volume of 891,156. The company has a market capitalization of $1.98 billion, a P/E ratio of 15.86 and a beta of 1.55. Cedar Fair has a 52-week low of $34.04 and a 52-week high of $58.70. The company’s 50-day simple moving average is $43.18 and its two-hundred day simple moving average is $44.32.

Cedar Fair (NYSE:FUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. The company had revenue of $571.62 million for the quarter, compared to analysts’ expectations of $525.57 million. Cedar Fair had a negative return on equity of 23.97% and a net margin of 6.80%. As a group, sell-side analysts forecast that Cedar Fair will post 2.09 earnings per share for the current fiscal 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.