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

Cedar Fair, L.P. (NYSE:FUN) saw unusually-strong trading volume on Wednesday . Approximately 3,539,289 shares traded hands during mid-day 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FUN shares. The Goldman Sachs Group cut 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. Mizuho dropped their target price 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. JPMorgan Chase & Co. decreased their price target on shares of Cedar Fair from $48.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, September 16th. Guggenheim started coverage on shares of Cedar Fair in a research note on Tuesday, October 29th. They set a “buy” rating and a $52.00 price target on the stock. Finally, Oppenheimer decreased their price target on shares of Cedar Fair from $67.00 to $60.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.46.

Cedar Fair Stock Up 7.3 %

The firm’s 50 day simple moving average is $40.54 and its 200-day simple moving average is $44.10. The company has a market capitalization of $4.58 billion, a PE ratio of 19.41 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last posted its earnings results on Thursday, August 8th. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.02. The business had revenue of $571.62 million for 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%. As a group, sell-side analysts anticipate that Cedar Fair, L.P. will post 2.14 EPS for the current fiscal year.

Institutional Trading of Cedar Fair

Institutional investors have recently added to or reduced their stakes in the stock. S.A. Mason LLC increased its stake in Cedar Fair by 63.1% during the third quarter. S.A. Mason LLC now owns 993 shares of the company’s stock valued at $40,000 after purchasing an additional 384 shares during the last quarter. CWM LLC increased its stake in Cedar Fair by 932.0% during the second quarter. CWM LLC now owns 2,064 shares of the company’s stock valued at $112,000 after purchasing an additional 1,864 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Cedar Fair by 94.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock valued at $157,000 after purchasing an additional 1,400 shares during the last quarter. Brookstone Capital Management bought a new position in shares of Cedar Fair during the second quarter worth about $215,000. Finally, Thrive Wealth Management LLC bought a new position in shares of Cedar Fair during the second quarter worth about $252,000. 64.65% of the stock is owned by institutional investors and hedge funds.

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.