Monarch Casino & Resort (NASDAQ:MCRI) Cut to “Buy” at StockNews.com

StockNews.com cut shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a report published on Tuesday morning.

A number of other analysts have also commented on MCRI. Wells Fargo & Company started coverage on Monarch Casino & Resort in a research note on Monday. They issued an “underweight” rating and a $79.00 price target for the company. Truist Financial raised their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Finally, Stifel Nicolaus boosted their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $78.50.

Monarch Casino & Resort Stock Performance

Shares of Monarch Casino & Resort stock opened at $79.11 on Tuesday. Monarch Casino & Resort has a 52-week low of $64.50 and a 52-week high of $89.06. The company’s 50 day moving average price is $81.57 and its 200-day moving average price is $75.62. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 17.50 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.10. The business had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same quarter last year, the firm earned $1.38 EPS. As a group, equities research analysts forecast that Monarch Casino & Resort will post 4.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Monarch Casino & Resort

Several hedge funds have recently bought and sold shares of the business. Jane Street Group LLC grew its stake in shares of Monarch Casino & Resort by 518.8% in the 3rd quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock worth $9,280,000 after buying an additional 98,153 shares during the last quarter. Weiss Asset Management LP grew its stake in shares of Monarch Casino & Resort by 1,289.7% in the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock worth $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 second 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 in the last quarter. American Century Companies Inc. raised its position in shares of Monarch Casino & Resort by 17.3% in the 2nd quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock worth $21,371,000 after purchasing an additional 46,323 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in Monarch Casino & Resort in the 3rd quarter worth about $2,349,000. Institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.