Wells Fargo & Company Downgrades Red Rock Resorts (NASDAQ:RRR) to Equal Weight

Red Rock Resorts (NASDAQ:RRR) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report released on Wednesday, MarketBeat Ratings reports. They presently have a $64.00 target price on the stock, up from their prior target price of $63.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 13.29% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus decreased their price target on shares of Red Rock Resorts from $61.00 to $59.00 and set a “hold” rating for the company in a research note on Wednesday, May 8th. Morgan Stanley lifted their price target on shares of Red Rock Resorts from $53.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, July 12th. Barclays reduced their price objective on shares of Red Rock Resorts from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Bank of America raised shares of Red Rock Resorts from an “underperform” rating to a “neutral” rating and reduced their price objective for the stock from $57.00 to $55.00 in a research note on Monday, May 13th. Finally, JMP Securities reduced their price objective on shares of Red Rock Resorts from $66.00 to $65.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 8th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.33.

Red Rock Resorts Stock Performance

Red Rock Resorts stock opened at $56.49 on Wednesday. The company has a 50 day moving average price of $53.59 and a 200-day moving average price of $55.24. The company has a debt-to-equity ratio of 18.49, a quick ratio of 0.85 and a current ratio of 0.90. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The company has a market capitalization of $5.97 billion, a PE ratio of 19.61, a P/E/G ratio of 2.89 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 87.05%. The firm had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The company’s revenue was up 16.9% on a year-over-year basis. As a group, equities analysts forecast that Red Rock Resorts will post 1.83 earnings per share for the current year.

Insider Buying and Selling at Red Rock Resorts

In other Red Rock Resorts news, Vice President Lorenzo J. Fertitta purchased 800,000 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $50.39 per share, with a total value of $40,312,000.00. Following the completion of the acquisition, the insider now owns 47,447,301 shares in the company, valued at $2,390,869,497.39. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 53.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its stake in shares of Red Rock Resorts by 3.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock worth $442,000 after acquiring an additional 292 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in shares of Red Rock Resorts by 4.2% during the 4th quarter. Institute for Wealth Management LLC. now owns 7,557 shares of the company’s stock worth $403,000 after acquiring an additional 308 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of Red Rock Resorts by 4.3% during the 4th quarter. Avior Wealth Management LLC now owns 9,941 shares of the company’s stock worth $530,000 after acquiring an additional 408 shares in the last quarter. Covestor Ltd boosted its stake in shares of Red Rock Resorts by 16,666.7% during the 1st quarter. Covestor Ltd now owns 503 shares of the company’s stock worth $30,000 after acquiring an additional 500 shares in the last quarter. Finally, Truist Financial Corp boosted its stake in shares of Red Rock Resorts by 2.4% during the 4th quarter. Truist Financial Corp now owns 26,837 shares of the company’s stock worth $1,431,000 after acquiring an additional 627 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.