Red Rock Resorts, Inc. (NASDAQ:RRR) Sees Large Increase in Short Interest

Red Rock Resorts, Inc. (NASDAQ:RRR) saw a large increase in short interest in October. As of October 15th, there was short interest totalling 2,320,000 shares, an increase of 20.2% from the September 30th total of 1,930,000 shares. Approximately 4.6% of the company’s stock are sold short. Based on an average daily trading volume, of 471,900 shares, the days-to-cover ratio is currently 4.9 days.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RRR shares. JMP Securities reissued a “market outperform” rating and issued a $65.00 target price on shares of Red Rock Resorts in a report on Monday, October 14th. Morgan Stanley raised their target price on Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 4th. Barclays upped their price target on Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Susquehanna raised their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 24th. Finally, Truist Financial reduced their price objective on shares of Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $62.58.

Red Rock Resorts Stock Performance

NASDAQ:RRR traded down $0.04 during trading hours on Wednesday, reaching $54.63. 64,659 shares of the company’s stock were exchanged, compared to its average volume of 461,194. Red Rock Resorts has a 1-year low of $37.82 and a 1-year high of $63.28. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 18.98, a P/E/G ratio of 5.54 and a beta of 2.04. The company has a 50-day moving average of $54.23 and a 200 day moving average of $54.20.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, topping 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 83.84%. The business had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. Research analysts anticipate that Red Rock Resorts will post 1.63 EPS for the current year.

Insiders Place Their Bets

In other Red Rock Resorts news, CEO Frank J. Fertitta III purchased 67,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $49.77 per share, for a total transaction of $3,334,590.00. Following the completion of the purchase, the chief executive officer now directly owns 46,048,301 shares in the company, valued at approximately $2,291,823,940.77. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Lorenzo J. Fertitta purchased 33,000 shares of the stock in a transaction on Monday, August 5th. The stock was bought at an average price of $49.77 per share, for a total transaction of $1,642,410.00. Following the acquisition, the vice president now directly owns 47,546,301 shares of the company’s stock, valued at approximately $2,366,379,400.77. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank J. Fertitta III acquired 67,000 shares of Red Rock Resorts stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $49.77 per share, for a total transaction of $3,334,590.00. Following the completion of the acquisition, the chief executive officer now directly owns 46,048,301 shares in the company, valued at approximately $2,291,823,940.77. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 200,000 shares of company stock worth $10,426,000 in the last ninety days. 53.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Red Rock Resorts

A number of large investors have recently bought and sold shares of the company. Covestor Ltd increased its position in 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 purchasing an additional 500 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Red Rock Resorts in the first quarter valued at approximately $78,000. US Bancorp DE grew its holdings in Red Rock Resorts by 2,223.9% during the third quarter. US Bancorp DE now owns 1,557 shares of the company’s stock worth $85,000 after acquiring an additional 1,490 shares during the period. Point72 DIFC Ltd purchased a new position in Red Rock Resorts in the second quarter worth $98,000. Finally, nVerses Capital LLC purchased a new position in Red Rock Resorts in the second quarter worth $154,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

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.