Monarch Casino & Resort (NASDAQ:MCRI) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday.

Several other analysts also recently issued reports on MCRI. Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their target price for the company from $82.00 to $100.00 in a research note on Tuesday, January 14th. Wells Fargo & Company assumed coverage on Monarch Casino & Resort in a research report on Monday, December 16th. They set an “underweight” rating and a $79.00 price target on the stock. Stifel Nicolaus upped their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Finally, Jefferies Financial Group upped their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Monarch Casino & Resort has an average rating of “Hold” and an average price target of $84.00.

Monarch Casino & Resort Stock Up 0.2 %

Shares of Monarch Casino & Resort stock opened at $84.03 on Wednesday. The stock’s fifty day moving average is $82.28 and its 200-day moving average is $77.97. The firm has a market capitalization of $1.55 billion, a PE ratio of 18.59 and a beta of 1.73. Monarch Casino & Resort has a 12-month low of $64.50 and a 12-month high of $89.06.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.10. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. The business had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. During the same quarter in the previous year, the business earned $1.38 earnings per share. Analysts expect that Monarch Casino & Resort will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This represents a 0.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 24.94% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC boosted its holdings in Monarch Casino & Resort by 518.8% in the third quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock worth $9,280,000 after purchasing an additional 98,153 shares in the last quarter. Weiss Asset Management LP increased its holdings in shares of Monarch Casino & Resort by 1,289.7% during the 3rd quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock valued at $6,279,000 after acquiring an additional 73,512 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Monarch Casino & Resort by 376.1% during the 2nd quarter. Millennium Management LLC now owns 85,869 shares of the company’s stock valued at $5,850,000 after acquiring an additional 67,833 shares during the last quarter. Verition Fund Management LLC acquired a new position in Monarch Casino & Resort during the third quarter valued at approximately $2,349,000. Finally, Segall Bryant & Hamill LLC acquired a new position in Monarch Casino & Resort during the third quarter valued at approximately $1,868,000. Institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.