Six Flags Entertainment (NYSE:FUN) Releases Earnings Results, Misses Estimates By $14.01 EPS

Six Flags Entertainment (NYSE:FUN) announced its quarterly earnings results on Friday. The company reported ($11.77) EPS for the quarter, missing the consensus estimate of $2.24 by ($14.01), Briefing.com reports. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Six Flags Entertainment had a negative return on equity of 1.00% and a negative net margin of 14.92%.The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.21 EPS.

Six Flags Entertainment Stock Down 1.8%

Six Flags Entertainment stock opened at $18.07 on Friday. The stock’s fifty day simple moving average is $22.62 and its 200-day simple moving average is $28.21. The company has a current ratio of 0.52, a quick ratio of 0.42 and a debt-to-equity ratio of 2.97. The firm has a market capitalization of $1.83 billion, a P/E ratio of -3.72 and a beta of 0.69. Six Flags Entertainment has a twelve month low of $17.43 and a twelve month high of $49.77.

Analysts Set New Price Targets

Several brokerages have issued reports on FUN. Weiss Ratings reissued a “sell (d)” rating on shares of Six Flags Entertainment in a research note on Wednesday, October 8th. Barclays lowered their price objective on Six Flags Entertainment from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on Six Flags Entertainment from $33.00 to $24.00 and set an “underweight” rating on the stock in a research note on Thursday, August 14th. Morgan Stanley dropped their target price on Six Flags Entertainment from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Monday, August 4th. Finally, Jefferies Financial Group cut Six Flags Entertainment from a “buy” rating to a “hold” rating and cut their price objective for the company from $41.00 to $25.00 in a research report on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.07.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FUN. Rush Island Management LP acquired a new position in Six Flags Entertainment in the second quarter valued at approximately $115,454,000. Darlington Partners Capital Management LP raised its holdings in Six Flags Entertainment by 20.2% during the second quarter. Darlington Partners Capital Management LP now owns 8,700,000 shares of the company’s stock worth $264,741,000 after purchasing an additional 1,460,000 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Six Flags Entertainment during the 2nd quarter worth approximately $15,270,000. Qube Research & Technologies Ltd boosted its holdings in shares of Six Flags Entertainment by 249.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 651,844 shares of the company’s stock valued at $19,836,000 after buying an additional 465,572 shares in the last quarter. Finally, Kent Lake PR LLC acquired a new position in shares of Six Flags Entertainment in the 2nd quarter valued at $3,043,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Six Flags Entertainment 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.