Cedar Fair (NYSE:FUN) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Cedar Fair, L.P. (NYSE:FUN - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $45.41 and traded as high as $48.67. Cedar Fair shares last traded at $47.77, with a volume of 907,521 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Guggenheim raised their target price on Cedar Fair from $52.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft cut their price objective on Cedar Fair from $65.00 to $58.00 and set a "buy" rating for the company in a research report on Friday, October 4th. Citigroup upped their target price on shares of Cedar Fair from $53.00 to $57.00 and gave the company a "buy" rating in a research report on Monday, December 2nd. Jefferies Financial Group assumed coverage on shares of Cedar Fair in a research report on Monday, December 9th. They set a "buy" rating and a $59.00 price target for the company. Finally, Truist Financial decreased their price objective on shares of Cedar Fair from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $56.07.

Cedar Fair Trading Down 1.8 %

The company's fifty day moving average is $46.17 and its two-hundred day moving average is $45.40. 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 stock has a market cap of $4.70 billion, a price-to-earnings ratio of -73.26 and a beta of 1.58.

Hedge Funds Weigh In On Cedar Fair

Several large investors have recently bought and sold shares of the business. Torno Capital LLC purchased a new position in Cedar Fair in the second quarter valued at approximately $4,413,000. Mutual of America Capital Management LLC purchased a new position in shares of Cedar Fair in the 3rd quarter valued at $260,000. Benjamin F. Edwards & Company Inc. raised its stake in Cedar Fair by 94.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,887 shares of the company's stock worth $157,000 after acquiring an additional 1,400 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in Cedar Fair by 4.6% in the second quarter. Commonwealth Equity Services LLC now owns 18,806 shares of the company's stock valued at $1,022,000 after acquiring an additional 826 shares during the last quarter. Finally, S.A. Mason LLC boosted its stake in Cedar Fair by 63.1% in the third quarter. S.A. Mason LLC now owns 993 shares of the company's stock valued at $40,000 after acquiring an additional 384 shares in the last quarter. Hedge funds and other institutional investors own 64.65% of the company's stock.

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.