Rehan Jaffer, a director at Six Flags Entertainment Corporation/NEW (NASDAQ:FUN), has expanded his indirect position in the theme park operator through a series of open-market purchases, according to a regulatory filing. Between November 6 and November 10, 2026, Jaffer acquired a total of 1,450,000 shares of common stock across three separate transactions, for an aggregate value of $14,929,000.
The buying activity unfolded against a sharp short-term rebound in the share price. Six Flags stock had returned 36% over the past week, yet it remained down 54% over the trailing six months. Based on an analysis of fair value, the shares appear slightly overvalued at current levels.
The transactions were executed in the following blocks:
- On November 6, 2026, Jaffer purchased 700,000 shares at a weighted average price of $10.00. Individual transaction prices for this block ranged from $9.55 to $10.35.
- On November 9, 2026, an additional 350,000 shares were acquired at a weighted average price of $10.86. The prices for these shares varied between $10.69 and $11.00.
- The final reported transaction on November 10, 2026, involved the purchase of 400,000 shares at a weighted average price of $10.32, with individual prices ranging from $10.00 to $10.76.
Following these acquisitions, Jaffer’s indirect beneficial ownership in Six Flags Entertainment Corporation/NEW stands at 6,350,000 shares. These securities are indirectly owned through funds managed by H Partners Management, LLC, where Jaffer serves as Founder and Managing Member. Jaffer disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.
The director’s purchases come amid a busy period for Six Flags. In its third-quarter 2026 financial results, the company reported revenue of $1.17 billion, which aligned with Wall Street forecasts. Despite meeting revenue expectations, Six Flags posted a net loss of $3.59 per share, significantly missing the anticipated earnings of $1.98 per share. The loss was primarily attributed to a substantial $688 million non-cash impairment charge.
On the strategic front, Six Flags is actively engaging with Six Flags Over Georgia unit holders to potentially defer a payment due in the first quarter of 2027. The company is also reviewing its parks and real estate portfolio for potential asset sales.
Analyst sentiment remains mixed. Goldman Sachs has raised its price target for Six Flags to $9.00 while maintaining a Neutral rating. Stifel lowered its target to $15, citing concerns over leverage, but retained a Buy rating.
These developments reflect the company’s ongoing efforts to manage its financial position and optimize its asset portfolio.