Six Flags Entertainment (NYSE:FUN) Trading 6.6% Higher - What's Next?

Key Points

• Six Flags shares jumped 6.6% to $15.18, although trading volume was 85% below the average daily level.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $21.93 price target, while several firms recently lowered their targets.
• Insiders purchased 265,713 shares worth about $6.1 million over the past three months, while institutional investors own approximately 64.65% of the company.

Six Flags Entertainment Corporation (NYSE:FUN - Get Free Report)'s share price rose 6.6% during trading on Wednesday . The stock traded as high as $15.12 and last traded at $15.18. 320,951 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,154,236 shares. The stock had previously closed at $14.24.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FUN. Barclays cut their target price on Six Flags Entertainment from $26.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Guggenheim dropped their price objective on Six Flags Entertainment from $33.00 to $28.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Six Flags Entertainment in a research note on Wednesday, August 12th. Citigroup reiterated a "neutral" rating on shares of Six Flags Entertainment in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Six Flags Entertainment from $26.00 to $22.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 11th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $21.93.

Six Flags Entertainment Trading Up 6.7%

The company has a quick ratio of 0.36, a current ratio of 0.42 and a debt-to-equity ratio of 43.34. The firm has a market cap of $1.55 billion, a P/E ratio of -0.87 and a beta of 0.38. The firm's 50-day simple moving average is $17.97 and its 200 day simple moving average is $18.66.

Insider Buying and Selling at Six Flags Entertainment

In other news, Director Rehan Jaffer bought 125,000 shares of the firm's stock in a transaction on Monday, June 15th. The stock was acquired at an average cost of $23.41 per share, with a total value of $2,926,250.00. Following the completion of the transaction, the director directly owned 4,900,000 shares of the company's stock, valued at $114,709,000. This represents a 2.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John T. Reilly bought 15,713 shares of the stock in a transaction on Wednesday, August 12th. The stock was purchased at an average price of $15.80 per share, for a total transaction of $248,265.40. Following the completion of the purchase, the chief executive officer owned 297,736 shares of the company's stock, valued at approximately $4,704,228.80. This trade represents a 5.57% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have acquired 265,713 shares of company stock valued at $6,135,765. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Six Flags Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Six Flags Entertainment during the 2nd quarter valued at approximately $339,057,000. Morgan Stanley raised its holdings in Six Flags Entertainment by 62.1% during the 4th quarter. Morgan Stanley now owns 9,473,532 shares of the company's stock valued at $145,324,000 after acquiring an additional 3,629,445 shares during the period. Darlington Partners Capital Management LP raised its holdings in Six Flags Entertainment by 20.2% during the 2nd quarter. Darlington Partners Capital Management LP now owns 8,700,000 shares of the company's stock valued at $264,741,000 after acquiring an additional 1,460,000 shares during the period. Dendur Capital LP lifted its position in shares of Six Flags Entertainment by 6.2% during the fourth quarter. Dendur Capital LP now owns 4,953,500 shares of the company's stock worth $75,987,000 after acquiring an additional 290,000 shares in the last quarter. Finally, Rush Island Management LP bought a new position in shares of Six Flags Entertainment in the second quarter worth $115,454,000. Institutional investors own 64.65% of the company's stock.

About Six Flags Entertainment

Six Flags Entertainment Corporation is a publicly traded regional theme park operator based in Arlington, Texas. The company develops, owns and operates amusement and water parks, offering a diverse portfolio of thrill rides, family attractions, live entertainment, food and beverage offerings, and retail merchandise. Its main revenue streams include single-day tickets, season passes, on-site accommodations, in-park retail sales, and food and beverage services.

Founded in 1961 by Angus G.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source