Cedar Fair, L.P. (NYSE:FUN) Sees Large Decline in Short Interest

Cedar Fair, L.P. (NYSE:FUN) saw a significant drop in short interest in January. As of January 31st, there was short interest totalling 6,360,000 shares, a drop of 7.3% from the January 15th total of 6,860,000 shares. Based on an average trading volume of 1,250,000 shares, the days-to-cover ratio is currently 5.1 days.

Cedar Fair Price Performance

Shares of Cedar Fair stock traded up $2.48 during mid-day trading on Tuesday, reaching $45.76. 1,109,914 shares of the stock traded hands, compared to its average volume of 1,074,646. The stock has a market capitalization of $4.59 billion, a PE ratio of -71.49 and a beta of 1.55. The business has a 50-day moving average of $45.99 and a 200 day moving average of $43.88. Cedar Fair has a fifty-two week low of $35.93 and a fifty-two week high of $58.70. The company has a quick ratio of 0.32, a current ratio of 0.40 and a debt-to-equity ratio of 1.95.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Cedar Fair stock. Mutual of America Capital Management LLC purchased a new position in Cedar Fair, L.P. (NYSE:FUN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,459 shares of the company’s stock, valued at approximately $260,000. 64.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on FUN. The Goldman Sachs Group lowered their price objective on Cedar Fair from $55.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Macquarie reissued an “outperform” rating and set a $55.00 price target on shares of Cedar Fair in a report on Thursday, November 7th. Truist Financial lifted their price objective on shares of Cedar Fair from $54.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, January 7th. JPMorgan Chase & Co. increased their target price on shares of Cedar Fair from $43.00 to $46.00 and gave the stock an “underweight” rating in a research note on Thursday, November 7th. Finally, Guggenheim lifted their price target on Cedar Fair from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.54.

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.