Six Flags Entertainment Sees Unusually Large Options Volume (NYSE:FUN)

Key Points

• Unusual Options Activity: Six Flags Entertainment saw a dramatic 335% increase in put options, with 12,983 contracts traded compared to a typical volume of 2,983.
• Price Target Reductions: Several analysts have lowered their price targets for Six Flags, with Oppenheimer cutting theirs from $60 to $40, reflecting a shift in market sentiment towards the company's outlook.
• Mixed Institutional Activity: 64.65% of Six Flags' shares are held by institutional investors, with Balefire LLC increasing its stake by 73.7% in the latest quarter.

Six Flags Entertainment Corporation (NYSE:FUN - Get Free Report) saw some unusual options trading activity on Friday. Traders purchased 12,983 put options on the company. This represents an increase of 335% compared to the typical volume of 2,983 put options.

Wall Street Analysts Forecast Growth

FUN has been the subject of a number of research reports. Oppenheimer reduced their price target on shares of Six Flags Entertainment from $60.00 to $40.00 and set an "outperform" rating for the company in a research report on Thursday, September 4th. 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 research report on Monday, August 4th. UBS Group cut their price objective on Six Flags Entertainment from $40.00 to $34.00 and set a "buy" rating for the company in a research report on Tuesday, August 19th. Truist Financial downgraded Six Flags Entertainment from a "buy" rating to a "hold" rating and set a $27.00 price objective for the company. in a research report on Wednesday, September 3rd. Finally, Jefferies Financial Group downgraded Six Flags Entertainment from a "buy" rating to a "hold" rating and cut their price objective for the stock from $41.00 to $25.00 in a research report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.36.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Balefire LLC raised its holdings in 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 stake in shares of Six Flags Entertainment by 7.5% during the 1st quarter. Peregrine Capital Management LLC now owns 131,499 shares of the company's stock valued at $4,691,000 after buying an additional 9,231 shares during the period. Castleview Partners LLC purchased a new stake in shares of Six Flags Entertainment during the 2nd quarter valued at $239,000. Contravisory Investment Management Inc. grew its stake in shares of Six Flags Entertainment by 42.5% during the 2nd quarter. Contravisory Investment Management Inc. now owns 5,760 shares of the company's stock valued at $175,000 after buying an additional 1,717 shares during the period. Finally, Veracity Capital LLC grew its stake in shares of Six Flags Entertainment by 20.0% during the 2nd quarter. Veracity Capital LLC now owns 25,282 shares of the company's stock valued at $769,000 after buying an additional 4,214 shares during the period. 64.65% of the stock is currently owned by institutional investors and hedge funds.

Six Flags Entertainment Trading Up 3.2%

FUN traded up $0.68 during trading on Friday, hitting $21.74. The company's stock had a trading volume of 1,204,438 shares, compared to its average volume of 2,531,951. The firm's 50 day moving average price is $25.82 and its 200-day moving average price is $30.87. 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 stock has a market cap of $2.20 billion, a PE ratio of -4.49 and a beta of 0.72. Six Flags Entertainment has a twelve month low of $20.79 and a twelve month high of $49.77.

Six Flags Entertainment (NYSE:FUN - Get Free Report) last issued its quarterly earnings results 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 business 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 company's revenue was up 62.8% on a year-over-year basis. On average, analysts expect that Six Flags Entertainment will post 0.83 earnings per share 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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