Six Flags Entertainment Corp. (SIX) Trending in the After Hours with Notable Performance

Six Flags Entertainment Corp. (SIX) made noteworthy strides in the after-hours market, with its share price rising to $25.90. This upward movement represents a significant change of $1.73 per share or a 7.16% increase, suggesting a wave of positive investor sentiment.

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The after-hours session saw a modest yet active trading volume of 8.1K, indicating investors’ keen interest in the company’s performance after the regular market hours had concluded.

This positive after-hours activity for Six Flags, a major amusement park and entertainment industry player, may well be a precursor to an enthusiastic opening in the next trading session.

Most Recent Highlights
Six Flags Entertainment and Cedar Fair to merge

In the early days of November 2023, the thrill ride operators Six Flags Entertainment (NYSE: SIX) and Cedar Fair (NYSE: FUN) made headlines with their announcement of an impending merger, structured as an exchange of stock.

When the deal is sealed, Cedar Fair’s unitholders will take the reins with a 51.2% stake, leaving Six Flags’ shareholders with a close 48.8% in the newly merged entity, which is projected to have a near $8 billion enterprise value.

Yet, this corporate amalgamation didn’t escape critical eyes. Land & Buildings Investment Management, an investor with a significant stake in Six Flags, raised a red flag over the deal.

The firm argues that the merger might not be the best route to maximize shareholder value, proposing that better results might be achieved by monetizing Six Flags’ real estate portfolio, potentially valuing the shares around the $30 mark, given the interest from potential acquirers.

Despite this shareholder skepticism, optimism seems the prevailing sentiment among financial analysts. Citi has revised its outlook on Six Flags Entertainment, elevating it from a Neutral to a Buy status and setting a new, albeit lower, price target of $24.00. B.Riley also pivoted its stance from Neutral to Buy, enhancing its price target to $30.00, an upshot from the earlier $24.00 mark.

Mirroring this positive analyst outlook, Six Flags Entertainment’s share price experienced a remarkable climb, escalating by over 27% just last week. In tandem, Cedar Fair’s stock also witnessed a surge, closing the week with an admirable 11% rise.