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

Cedar Fair, L.P. (NYSE:FUN)’s stock price dropped 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 trading, a decline of 84% from the average daily volume of 1,203,848 shares. The stock had previously closed at $38.88.

Analyst Ratings Changes

Several equities analysts have commented on FUN shares. Truist Financial raised their price target on shares of Cedar Fair from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, January 7th. Citigroup raised their price target on shares of Cedar Fair from $53.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Barclays started coverage on shares of Cedar Fair in a research report on Friday. They issued an “overweight” rating and a $41.00 price target for the company. Guggenheim decreased their price target on shares of Cedar Fair from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Macquarie reissued an “outperform” rating and issued a $55.00 price target on shares of Cedar Fair in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.07.

Cedar Fair Price Performance

The company’s 50 day moving average is $43.48 and its 200 day moving average is $43.53. 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 stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of -57.19 and a beta of 1.54.

Institutional Investors 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) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 6,459 shares of the company’s stock, valued at approximately $260,000. Institutional investors own 64.65% of the company’s stock.

Cedar Fair Company Profile

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.