Six Flags Entertainment shares rose about 9% on Wednesday after filings showed funds tied to one of its directors bought about $14.9 million of the company’s stock over three trading days. The stock closed at about $11.10, up from Tuesday’s close of $10.16.
Funds managed by H Partners Management, whose founder Rehan Jaffer sits on the Six Flags board, bought 1.45 million shares on Nov. 6, 9 and 10 at average prices of $10.00 to $10.86 a share, according to a Form 4 filed with the Securities and Exchange Commission on Tuesday. The funds now hold 6.35 million shares. Executive Chair Richard Haddrill bought 9,000 shares and Chief Legal Officer Christopher Bennett bought 5,000 shares on Nov. 6, separate filings show.
The purchases follow a steep slide. The stock closed at $6.77 on Oct. 23, down from $12.08 on Oct. 6, before rebounding sharply after the amusement park operator reported third-quarter results on Nov. 5. Net revenue fell 11% to $1.17 billion because it ran eight fewer parks than a year earlier, but rose 1.4% at the parks it operated in both years.
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