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

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

Hedge Funds Weigh In On Cedar Fair

An institutional investor recently raised its position in Cedar Fair stock. S.A. Mason LLC increased its holdings in shares of Cedar Fair, L.P. (NYSE:FUN) by 63.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 993 shares of the company’s stock after purchasing an additional 384 shares during the period. S.A. Mason LLC’s holdings in Cedar Fair were worth $40,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 64.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com cut shares of Cedar Fair from a “hold” rating to a “sell” rating in a report on Wednesday, February 12th. Truist Financial raised their target price on shares of Cedar Fair from $54.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, January 7th. Macquarie reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Cedar Fair in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price objective on Cedar Fair from $55.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, Citigroup boosted their target price on Cedar Fair from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Cedar Fair presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.54.

Cedar Fair Stock Performance

Shares of NYSE:FUN traded up $2.48 during trading on Tuesday, hitting $45.76. The stock had a trading volume of 1,109,914 shares, compared to its average volume of 1,074,646. The company has a quick ratio of 0.32, a current ratio of 0.40 and a debt-to-equity ratio of 1.95. Cedar Fair has a 12-month low of $35.93 and a 12-month high of $58.70. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of -71.49 and a beta of 1.55. The stock has a 50-day simple moving average of $45.99 and a two-hundred day simple moving average of $43.88.

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.