Truist Financial Cuts Red Rock Resorts (NASDAQ:RRR) Price Target to $58.00

Red Rock Resorts (NASDAQ:RRR) had its price objective lowered by equities researchers at Truist Financial from $63.00 to $58.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential upside of 13.26% from the company’s current price.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Wells Fargo & Company reduced their price objective on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. Morgan Stanley lifted their target price on Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Stifel Nicolaus lifted their target price on Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Susquehanna boosted their price objective on Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.58.

Red Rock Resorts Trading Down 0.6 %

Shares of Red Rock Resorts stock traded down $0.31 during midday trading on Wednesday, reaching $51.21. 18,547 shares of the company’s stock traded hands, compared to its average volume of 458,867. The stock has a 50 day moving average of $54.53 and a 200-day moving average of $54.50. The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. The company has a market cap of $5.41 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 5.43 and a beta of 2.04. Red Rock Resorts has a 12 month low of $37.82 and a 12 month high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last issued 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 return on equity of 83.84% and a net margin of 9.21%. The firm had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same period last year, the company earned $0.65 earnings per share. The company’s revenue was up 16.9% on a year-over-year basis. As a group, equities analysts expect that Red Rock Resorts will post 1.66 EPS for the current fiscal year.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, VP Lorenzo J. Fertitta bought 33,000 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was bought at an average price of $54.49 per share, with a total value of $1,798,170.00. Following the completion of the purchase, the vice president now directly owns 47,480,301 shares in the company, valued at $2,587,201,601.49. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the transaction, the chief operating officer now directly owns 71,946 shares in the company, valued at $4,172,868. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Lorenzo J. Fertitta purchased 33,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, with a total value of $1,798,170.00. Following the completion of the transaction, the vice president now owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 200,000 shares of company stock valued at $10,426,000. 53.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Covestor Ltd boosted its position in shares of Red Rock Resorts by 16,666.7% during the first quarter. Covestor Ltd now owns 503 shares of the company’s stock worth $30,000 after buying an additional 500 shares during the period. Headlands Technologies LLC purchased a new position in shares of Red Rock Resorts during the first quarter worth $78,000. Point72 DIFC Ltd purchased a new position in shares of Red Rock Resorts during the second quarter worth $98,000. nVerses Capital LLC purchased a new position in Red Rock Resorts in the second quarter valued at $154,000. Finally, Ritholtz Wealth Management purchased a new position in Red Rock Resorts in the third quarter valued at $215,000. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

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.