Six Flags Entertainment (NYSE:FUN) Stock Price Down 6.6% on Disappointing Earnings

Six Flags Entertainment Corporation (NYSE:FUN)’s share price traded down 6.6% on Monday following a weaker than expected earnings announcement. The stock traded as low as $16.65 and last traded at $16.84. 991,515 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,782,509 shares. The stock had previously closed at $18.03.

The company reported ($11.77) EPS for the quarter, missing analysts’ consensus estimates of $2.24 by ($14.01). The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.21 EPS.

Analyst Ratings Changes

A number of research analysts have issued reports on FUN shares. Barclays decreased their target price on Six Flags Entertainment from $40.00 to $27.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. Guggenheim set a $43.00 price objective on shares of Six Flags Entertainment and gave the company a “buy” rating in a research note on Thursday, August 7th. Truist Financial cut shares of Six Flags Entertainment from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research note on Wednesday, September 3rd. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price objective (down previously from $30.00) on shares of Six Flags Entertainment in a report on Monday. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Six Flags Entertainment in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.43.

Institutional Trading of Six Flags Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Advisory Services LLC purchased a new position in shares of Six Flags Entertainment during the third quarter valued at approximately $30,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Six Flags Entertainment by 259.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,000 shares of the company’s stock worth $30,000 after buying an additional 722 shares during the last quarter. Allworth Financial LP increased its position in shares of Six Flags Entertainment by 1,179.0% during the second quarter. Allworth Financial LP now owns 1,522 shares of the company’s stock valued at $46,000 after acquiring an additional 1,403 shares during the last quarter. GAMMA Investing LLC boosted its position in Six Flags Entertainment by 96.5% in the second quarter. GAMMA Investing LLC now owns 1,800 shares of the company’s stock worth $55,000 after purchasing an additional 884 shares during the last quarter. Finally, Caldwell Trust Co bought a new position in Six Flags Entertainment in the 2nd quarter valued at $56,000. 64.65% of the stock is owned by institutional investors.

Six Flags Entertainment Price Performance

The business’s fifty day moving average is $22.62 and its 200-day moving average is $28.16. The company has a debt-to-equity ratio of 2.97, a current ratio of 0.52 and a quick ratio of 0.42. The firm has a market cap of $1.71 billion, a PE ratio of -3.46 and a beta of 0.69.

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.