Six Flags Stock on Track for Steep Post-Earnings Losses

The stock is erasing gains from its recent rally

Deputy Editor
Aug 11, 2022 at 10:52 AM
facebook X logo linkedin


Six Flags Entertainment Corp (NYSE:SIX) is plummeting today, down 21.6% to trade at $20.25 at last check, after the amusement park name posted lower-than-expected second-quarter earnings and revenue. A drop in amusement park visitors weighed on results, with park attendance falling to 6.7 million from last year's 8.5 million. 

Before today, SIX closed 10 of its last 11 trading sessions higher. The stock could give most of these gains back today, however, and is now down 51.9% year-to-date. A floor at the $20 level has kept losses in check since mid-June, and appears to be providing support today as well. 

Options traders were much more bullish than usual leading up to today. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SIX's 50-day call/put volume ratio of 5.29 sits higher than 94% of readings from the past year. 

Today, overall options volume is running at seven times the intraday average, with 4,206 calls and 2,004 puts across the tape so far. The January 2023 35-strike call is the most popular, followed by the August 20 put. 

The majority of analysts are bullish in their ratings. Of the 10 in coverage, seven carry a "buy" or better rating. Meanwhile, short interest represents 9.2% of the stock's available float. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI