Cedar Fair (NYSE:FUN) Stock Price Down 6.6% – What’s Next?

Cedar Fair, L.P. (NYSE:FUN)’s share price dropped 6.6% during trading on Tuesday . The company traded as low as $39.96 and last traded at $40.51. Approximately 754,089 shares were traded during trading, a decline of 38% from the average daily volume of 1,223,501 shares. The stock had previously closed at $43.39.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Cedar Fair in a research note on Monday, December 9th. They issued a “buy” rating and a $59.00 target price for the company. StockNews.com cut Cedar Fair from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. Guggenheim increased their target price on Cedar Fair from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Truist Financial lifted their price target on Cedar Fair from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Finally, Citigroup increased their price objective on Cedar Fair from $53.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Cedar Fair presently has an average rating of “Moderate Buy” and an average target price of $56.54.

Cedar Fair Price Performance

The company has a debt-to-equity ratio of 1.95, a quick ratio of 0.32 and a current ratio of 0.40. The stock has a market capitalization of $4.07 billion, a PE ratio of -63.43 and a beta of 1.55. The company’s fifty day simple moving average is $45.67 and its two-hundred day simple moving average is $44.00.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Cedar Fair stock. Mutual of America Capital Management LLC purchased a new position in Cedar Fair, L.P. (NYSE:FUN) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,459 shares of the company’s stock, valued at approximately $260,000. 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.