Monarch Casino & Resort (NASDAQ:MCRI) Stock Rating Lowered by Zacks Research

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on MCRI. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Truist Financial upped their price target on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a research note on Monday. Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Finally, Stifel Nicolaus upped their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $124.40.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI opened at $119.17 on Wednesday. Monarch Casino & Resort has a one year low of $88.13 and a one year high of $135.93. The stock has a market cap of $2.12 billion, a PE ratio of 19.10 and a beta of 1.29. The stock has a 50 day moving average price of $124.53 and a 200 day moving average price of $108.07.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings data on Monday, July 20th. The company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $142.60 million for the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The business’s revenue was up 4.2% on a year-over-year basis. As a group, analysts predict that Monarch Casino & Resort will post 6.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the transaction, the chief executive officer owned 616,556 shares in the company, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 26.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. grew its stake in shares of Monarch Casino & Resort by 210.0% during the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after purchasing an additional 315 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Monarch Casino & Resort in the fourth quarter valued at $40,000. GAMMA Investing LLC lifted its holdings in Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after buying an additional 106 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Monarch Casino & Resort by 191.3% during the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after buying an additional 746 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Monarch Casino & Resort by 69.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after acquiring an additional 524 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.