Six Flags Entertainment (NYSE:FUN) Rating Lowered to Hold at Truist Financial

Key Points

• Six Flags Entertainment has been downgraded from a "buy" rating to a "hold" rating by Truist Financial, with a new price target set at $27.00, indicating a potential upside of 16.61% from its current price.
• Other analysts have also reduced their target prices, with Goldman Sachs lowering theirs to $23.00, while JPMorgan Chase cut it to $24.00, reflecting a general cautious sentiment towards the stock.
• The company reported quarterly earnings of $0.26 per share, falling well short of the consensus estimate of $0.79, and its revenue for the quarter was $930.39 million against a predicted $999.82 million.

Truist Financial cut shares of Six Flags Entertainment (NYSE:FUN - Free Report) from a buy rating to a hold rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $27.00 price target on the stock.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Six Flags Entertainment from $33.00 to $24.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. Mizuho cut their price objective on Six Flags Entertainment from $36.00 to $30.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Morgan Stanley cut their price objective on Six Flags Entertainment from $47.00 to $43.00 and set an "overweight" rating for the company in a report on Monday, August 4th. Barclays cut their price objective on Six Flags Entertainment from $40.00 to $27.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Finally, Guggenheim set a $43.00 target price on Six Flags Entertainment and gave the company a "buy" rating in a report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.36.

Six Flags Entertainment Price Performance

Shares of Six Flags Entertainment stock traded down $0.76 during trading on Wednesday, hitting $24.21. The stock had a trading volume of 1,385,611 shares, compared to its average volume of 2,382,260. 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 $2.45 billion, a P/E ratio of -5.01 and a beta of 0.72. The business has a fifty day moving average of $28.02 and a two-hundred day moving average of $32.64. Six Flags Entertainment has a fifty-two week low of $21.44 and a fifty-two week high of $49.77.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Peregrine Capital Management LLC increased its position in Six Flags Entertainment by 7.5% in the 1st quarter. Peregrine Capital Management LLC now owns 131,499 shares of the company's stock worth $4,691,000 after purchasing an additional 9,231 shares during the last quarter. Veracity Capital LLC increased its position in Six Flags Entertainment by 20.0% in the 2nd quarter. Veracity Capital LLC now owns 25,282 shares of the company's stock worth $769,000 after purchasing an additional 4,214 shares during the last quarter. Balefire LLC increased its position in Six Flags Entertainment by 73.7% in the 2nd quarter. Balefire LLC now owns 91,556 shares of the company's stock worth $2,786,000 after purchasing an additional 38,832 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Six Flags Entertainment by 5.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,923 shares of the company's stock worth $287,000 after purchasing an additional 484 shares during the last quarter. Finally, Contravisory Investment Management Inc. increased its position in Six Flags Entertainment by 42.5% in the 2nd quarter. Contravisory Investment Management Inc. now owns 5,760 shares of the company's stock worth $175,000 after purchasing an additional 1,717 shares during the last quarter. 64.65% of the stock is owned by institutional investors and hedge funds.

About Six Flags Entertainment

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.