DAVENPORT & Co LLC Raises Position in Six Flags Entertainment Corporation $FUN

Key Points

• Davenport & Co LLC increased its stake in Six Flags Entertainment by 14.0% in Q2, owning 664,853 shares now valued at approximately $20.2 million.
• Recent price target reductions by several analysts have impacted Six Flags' stock outlook, with JPMorgan lowering its target from $33 to $24 and assigning an "underweight" rating.
• Six Flags reported a 62.8% year-over-year revenue increase, yet its recent earnings missed expectations, posting $0.26 EPS compared to the forecast of $0.79.

DAVENPORT & Co LLC raised its holdings in shares of Six Flags Entertainment Corporation (NYSE:FUN - Free Report) by 14.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 664,853 shares of the company's stock after buying an additional 81,418 shares during the period. DAVENPORT & Co LLC owned about 0.66% of Six Flags Entertainment worth $20,231,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Balefire LLC lifted its stake in shares of Six Flags Entertainment by 73.7% in the 2nd quarter. Balefire LLC now owns 91,556 shares of the company's stock valued at $2,786,000 after acquiring an additional 38,832 shares during the last quarter. Peregrine Capital Management LLC grew its position in Six Flags Entertainment by 7.5% during the 1st quarter. Peregrine Capital Management LLC now owns 131,499 shares of the company's stock worth $4,691,000 after acquiring an additional 9,231 shares during the last quarter. Castleview Partners LLC purchased a new position in Six Flags Entertainment in the 2nd quarter worth approximately $239,000. State of Alaska Department of Revenue increased its stake in Six Flags Entertainment by 8.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 55,925 shares of the company's stock worth $1,701,000 after purchasing an additional 4,251 shares during the period. Finally, Veracity Capital LLC lifted its position in Six Flags Entertainment by 20.0% in the second quarter. Veracity Capital LLC now owns 25,282 shares of the company's stock valued at $769,000 after purchasing an additional 4,214 shares during the last quarter. 64.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FUN shares. JPMorgan Chase & Co. cut their target price on shares of Six Flags Entertainment from $33.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. Wall Street Zen lowered shares of Six Flags Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Truist Financial lowered shares of Six Flags Entertainment from a "buy" rating to a "hold" rating and set a $27.00 target price for the company. in a report on Wednesday, September 3rd. UBS Group cut their target price on Six Flags Entertainment from $40.00 to $34.00 and set a "buy" rating on the stock in a research note on Tuesday, August 19th. Finally, Stifel Nicolaus lowered their price target on Six Flags Entertainment from $50.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Nine investment 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. Based on data from MarketBeat.com, Six Flags Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $34.69.

Six Flags Entertainment Price Performance

FUN stock opened at $22.35 on Tuesday. The company has a debt-to-equity ratio of 2.97, a current ratio of 0.52 and a quick ratio of 0.42. Six Flags Entertainment Corporation has a 1 year low of $20.79 and a 1 year high of $49.77. The firm has a 50-day moving average of $24.59 and a 200 day moving average of $30.12. The company has a market cap of $2.26 billion, a P/E ratio of -4.61 and a beta of 0.71.

Six Flags Entertainment (NYSE:FUN - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.79 by ($0.53). The firm had revenue of $930.39 million for the quarter, compared to analysts' expectations of $999.82 million. Six Flags Entertainment had a negative return on equity of 1.00% and a negative net margin of 14.92%.The company's revenue for the quarter was up 62.8% on a year-over-year basis. On average, sell-side analysts forecast that Six Flags Entertainment Corporation will post 0.83 EPS for the current year.

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.

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