Citizens Jmp Raises Red Rock Resorts (NASDAQ:RRR) Price Target to $68.00

Red Rock Resorts (NASDAQ:RRR) had its price target increased by stock analysts at Citizens Jmp from $65.00 to $68.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective points to a potential upside of 9.53% from the stock’s previous close.

RRR has been the subject of several other reports. Jefferies Financial Group restated a “buy” rating on shares of Red Rock Resorts in a research note on Wednesday, December 24th. Macquarie raised their target price on shares of Red Rock Resorts from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Truist Financial set a $75.00 price target on shares of Red Rock Resorts in a research note on Tuesday. Zacks Research lowered Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Rock Resorts in a report on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.64.

Red Rock Resorts Trading Down 0.5%

Shares of Red Rock Resorts stock opened at $62.09 on Wednesday. Red Rock Resorts has a fifty-two week low of $35.09 and a fifty-two week high of $64.69. The company has a debt-to-equity ratio of 10.11, a quick ratio of 0.70 and a current ratio of 0.75. The company has a market capitalization of $6.57 billion, a P/E ratio of 19.84, a P/E/G ratio of 2.64 and a beta of 1.50. The company has a fifty day moving average of $59.59 and a 200 day moving average of $58.88.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.36 by $0.32. The business had revenue of $475.57 million for the quarter, compared to the consensus estimate of $477.25 million. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The business’s revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 earnings per share. On average, sell-side analysts anticipate that Red Rock Resorts will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 28th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Red Rock Resorts

Several large investors have recently modified their holdings of RRR. Arrowstreet Capital Limited Partnership lifted its position in Red Rock Resorts by 2,248.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after buying an additional 1,296,956 shares during the last quarter. Bamco Inc. NY lifted its holdings in shares of Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after acquiring an additional 666,593 shares during the last quarter. Eminence Capital LP lifted its holdings in shares of Red Rock Resorts by 23.4% in the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock worth $159,179,000 after acquiring an additional 581,061 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Red Rock Resorts by 6.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company’s stock worth $339,764,000 after purchasing an additional 349,822 shares during the period. Finally, Voloridge Investment Management LLC grew its holdings in Red Rock Resorts by 556.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 334,610 shares of the company’s stock valued at $20,431,000 after purchasing an additional 283,642 shares during the last quarter. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.