Red Rock Resorts (NASDAQ:RRR) Given New $70.00 Price Target at Citizens Jmp

Red Rock Resorts (NASDAQ:RRR) had its price target lowered by stock analysts at Citizens Jmp from $71.00 to $70.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp‘s price objective would suggest a potential upside of 36.21% from the company’s current price.

A number of other equities analysts have also recently commented on RRR. Wells Fargo & Company boosted their price target on shares of Red Rock Resorts from $77.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, October 19th. Bank of America raised their price objective on shares of Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Morgan Stanley dropped their price objective on shares of Red Rock Resorts from $61.00 to $59.00 and set an “equal weight” rating for the company in a report on Monday, October 19th. Wall Street Zen raised shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Stifel Nicolaus set a $74.00 target price on shares of Red Rock Resorts in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Red Rock Resorts presently has a consensus rating of “Moderate Buy” and an average price target of $71.12.

Red Rock Resorts Stock Down 0.3%

Shares of NASDAQ RRR opened at $51.39 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 12.33. The business has a 50-day moving average of $52.18 and a 200-day moving average of $58.06. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 4.25 and a beta of 1.42. Red Rock Resorts has a 12 month low of $47.42 and a 12 month high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.62). Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The company had revenue of $488.70 million during the quarter, compared to analysts’ expectations of $478.13 million. During the same period in the prior year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. Sell-side analysts expect that Red Rock Resorts will post 1.54 earnings per share for the current fiscal year.

Insider Transactions at Red Rock Resorts

In other Red Rock Resorts news, President Scott Kreeger sold 31,159 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the transaction, the president directly owned 203,881 shares in the company, valued at $12,595,768.18. This trade represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 54.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Red Rock Resorts

Institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC raised its position in Red Rock Resorts by 4,566.7% in the 3rd quarter. Fortitude Family Office LLC now owns 560 shares of the company’s stock worth $28,000 after purchasing an additional 548 shares during the period. Rockefeller Capital Management L.P. boosted its position in Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after buying an additional 481 shares during the period. Nykredit A S purchased a new stake in Red Rock Resorts during the second quarter valued at about $45,000. Farther Finance Advisors LLC boosted its position in Red Rock Resorts by 252.9% during the third quarter. Farther Finance Advisors LLC now owns 900 shares of the company’s stock valued at $45,000 after buying an additional 645 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Red Rock Resorts during the second quarter valued at about $47,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Trending Headlines about Red Rock Resorts

Here are the key news stories impacting Red Rock Resorts this week:

• Positive Sentiment: Red Rock declared a quarterly dividend of $0.26 per share, or $1.04 annualized, representing a yield of about 2%. Dividend announcement
• Positive Sentiment: A valuation article argues RRR could be about 30% undervalued, citing record Las Vegas revenue and expansion investment. This provides a bullish counterpoint to the earnings concerns. Valuation analysis
• Neutral Sentiment: Q3 revenue increased 2.8% year over year to $488.7 million, topping analysts’ estimates of $478.1 million. Third-quarter results
• Negative Sentiment: Despite the revenue beat, earnings fell well short of consensus and were down from $0.68 per share a year earlier. The earnings shortfall is likely weighing on investor sentiment. Q3 earnings miss
• Negative Sentiment: Citizens lowered its price target to $70 and said investors view the results as a miss. Although the revised target remains above the stock’s recent price, the cut signals reduced optimism after the report. Citizens price-target update

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.