Short Interest in Cedar Fair, L.P. (NYSE:FUN) Rises By 18.6%

Cedar Fair, L.P. (NYSE:FUN) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 10,710,000 shares, a growth of 18.6% from the September 15th total of 9,030,000 shares. Based on an average daily volume of 1,810,000 shares, the short-interest ratio is presently 5.9 days.

Institutional Investors Weigh In On Cedar Fair

A number of large investors have recently bought and sold shares of FUN. Torno Capital LLC bought a new stake in shares of Cedar Fair during the second quarter worth $4,413,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Cedar Fair by 94.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company’s stock worth $157,000 after purchasing an additional 1,400 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Cedar Fair by 4.6% during the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company’s stock valued at $1,022,000 after purchasing an additional 826 shares during the last quarter. Ameritas Advisory Services LLC increased its holdings in shares of Cedar Fair by 31.1% in the second quarter. Ameritas Advisory Services LLC now owns 11,815 shares of the company’s stock valued at $642,000 after purchasing an additional 2,804 shares in the last quarter. Finally, Brookstone Capital Management bought a new position in Cedar Fair in the 2nd quarter worth approximately $215,000. 64.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FUN has been the subject of several analyst reports. StockNews.com started coverage on Cedar Fair in a report on Wednesday, September 4th. They set a “hold” rating for the company. Citigroup lowered their price objective on Cedar Fair from $61.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Mizuho dropped their target price on shares of Cedar Fair from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group decreased their price target on shares of Cedar Fair from $63.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Finally, Macquarie dropped their price objective on Cedar Fair from $64.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cedar Fair currently has an average rating of “Moderate Buy” and a consensus price target of $57.33.

Cedar Fair Trading Up 1.1 %

FUN stock traded up $0.42 during trading on Wednesday, hitting $39.61. The company had a trading volume of 348,517 shares, compared to its average volume of 930,882. The company has a fifty day moving average price of $41.51 and a two-hundred day moving average price of $44.04. Cedar Fair has a fifty-two week low of $34.04 and a fifty-two week high of $58.70. The company has a market cap of $2.03 billion, a P/E ratio of 16.12 and a beta of 1.55.

Cedar Fair (NYSE:FUN) last posted its earnings results on Thursday, August 8th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.02. The business had revenue of $571.62 million for the quarter, compared to analyst estimates of $525.57 million. Cedar Fair had a net margin of 6.80% and a negative return on equity of 23.97%. On average, analysts expect that Cedar Fair will post 2.08 earnings per share for the current year.

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.