Monarch Casino & Resort (NASDAQ:MCRI) Rating Lowered to Hold at Wall Street Zen

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities research analysts have also weighed in on MCRI. Stifel Nicolaus boosted their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Jefferies Financial Group reiterated a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Truist Financial increased their price objective on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, July 20th. UBS Group set a $124.00 target price on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company lowered their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $124.40.

Monarch Casino & Resort Stock Performance

Shares of Monarch Casino & Resort stock opened at $122.75 on Friday. Monarch Casino & Resort has a 52-week low of $88.13 and a 52-week high of $135.93. The company has a fifty day moving average of $125.05 and a 200-day moving average of $109.26. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 19.67 and a beta of 1.31.

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

Insiders Place Their Bets

In other news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently made changes to their positions in MCRI. Hillsdale Investment Management Inc. purchased a new position in Monarch Casino & Resort during the 4th quarter valued at $7,244,000. AlphaQuest LLC lifted its position in shares of Monarch Casino & Resort by 303.4% in the 4th quarter. AlphaQuest LLC now owns 21,701 shares of the company’s stock worth $2,077,000 after purchasing an additional 16,321 shares during the period. UBS Group AG lifted its position in shares of Monarch Casino & Resort by 26.9% in the 4th quarter. UBS Group AG now owns 46,451 shares of the company’s stock worth $4,445,000 after purchasing an additional 9,855 shares during the period. Pacer Advisors Inc. lifted its position in shares of Monarch Casino & Resort by 2,489.3% in the 4th quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock worth $4,815,000 after purchasing an additional 48,368 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Monarch Casino & Resort by 23.3% during the 4th quarter. Teacher Retirement System of Texas now owns 80,020 shares of the company’s stock valued at $7,658,000 after purchasing an additional 15,110 shares in the last quarter. Institutional investors own 62.37% of the company’s stock.

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.