Shares of Six Flags Entertainment rose after The Wall Street Journal reported that activist hedge fund Jana Partners is pushing for the amusement-park operator to explore a sale.
Shares rose 5% to $12.91 in after-hours trading on Tuesday. The stock closed at $12.30, down 0.7% for the day and 20% this year.
Jana was disappointed in the company's second-quarter earnings, which included a wider loss of $202.6 million, the Journal reported, citing people familiar with the matter. The hedge fund on Tuesday asked the company's board to hire an investment bank to explore a sale, according to the report.
Last fall, Jana and other investors, including Kansas City Chiefs tight end Travis Kelce, together acquired a roughly 9% stake in the company, according to the Journal. The activist pushed the company to modernize its technology and improve its marketing and parks experience.