SIX - Why Six Flags Stock Is Bouncing Back Today
A day after Six Flags Entertainment (NYSE: SIX) plummeted after a poor earnings report, a number of Wall Street analysts are out with reports saying they are not yet ready to give up on the theme park operator. The stock is bouncing back as a result, up as much as 11% in Friday trading.
Six Flags investors have been on a roller coaster of late. The company's second-quarter results sent shares plummeting , with attendance numbers down 22% year over year. The low attendance figures caused the company to significantly miss analyst expectations, reporting second-quarter revenue of $435 million compared to the $530 million consensus estimate.
The stock fell more than 20% on Thursday, but analysts added a little context to the results overnight. This year, as CEO Selim Bassoul said during the post-earnings call, "is a transitional year for Six Flags" as he shifts the focus away from getting as many people through the turnstiles as possible and toward building revenue per visitor.
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Why Six Flags Stock Is Bouncing Back Today