Cedar Fair (NYSE:FUN) Shares Down 4.6% - Should You Sell?

Cedar Fair, L.P. (NYSE:FUN - Get Free Report) shares dropped 4.6% on Monday . The stock traded as low as $31.72 and last traded at $31.72. Approximately 1,828,259 shares traded hands during trading, an increase of 9% from the average daily volume of 1,680,054 shares. The stock had previously closed at $33.25.

Analysts Set New Price Targets

FUN has been the subject of several research analyst reports. The Goldman Sachs Group lowered their target price on Cedar Fair from $45.00 to $39.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. UBS Group initiated coverage on Cedar Fair in a research note on Wednesday, April 9th. They set a "buy" rating and a $49.00 target price for the company. JPMorgan Chase & Co. lowered their target price on Cedar Fair from $46.00 to $28.00 and set an "underweight" rating for the company in a research note on Thursday, April 17th. Wall Street Zen raised Cedar Fair from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Finally, Stifel Nicolaus boosted their target price on Cedar Fair from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.20.

Cedar Fair Price Performance

The company has a 50 day moving average price of $34.15 and a 200-day moving average price of $40.31. The company has a quick ratio of 0.32, a current ratio of 0.40 and a debt-to-equity ratio of 1.95. The company has a market cap of $3.21 billion, a price-to-earnings ratio of -49.61 and a beta of 0.79.

Cedar Fair (NYSE:FUN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($2.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.29) by $0.09. Cedar Fair had a return on equity of 113.05% and a net margin of 0.99%. The company had revenue of $202.06 million during the quarter, compared to the consensus estimate of $235.51 million. The company's quarterly revenue was up 98.9% compared to the same quarter last year. As a group, equities research analysts predict that Cedar Fair, L.P. will post 0.83 EPS for the current fiscal year.

Insider Buying and Selling at Cedar Fair

In other Cedar Fair news, Director Michelle M. Frymire sold 5,929 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $37.89, for a total transaction of $224,649.81. Following the completion of the sale, the director now owns 7,162 shares of the company's stock, valued at approximately $271,368.18. This represents a 45.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.80% of the company's stock.

Institutional Trading of Cedar Fair

A hedge fund recently raised its stake in Cedar Fair stock. Peregrine Capital Management LLC boosted its holdings in Cedar Fair, L.P. (NYSE:FUN - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 131,499 shares of the company's stock after purchasing an additional 9,231 shares during the quarter. Peregrine Capital Management LLC owned about 0.13% of Cedar Fair worth $4,691,000 at the end of the most recent quarter. 64.65% of the stock is owned by hedge funds and other institutional investors.

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.