Zacks Investment Research upgraded shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $38.00 target price on the stock.

According to Zacks, “Monarch Casino & Resort, Inc., through its wholly-owned subsidiary Golden Road Motor Inn, Inc., owns and operates the tropically-themed Atlantis Casino Resort in Reno, Nevada. “

A number of other research firms also recently issued reports on MCRI. Stifel Nicolaus increased their price target on Monarch Casino & Resort from $27.00 to $29.00 and gave the stock a hold rating in a research report on Friday, April 28th. Imperial Capital raised their price objective on Monarch Casino & Resort from $35.00 to $38.00 and gave the company an outperform rating in a research report on Thursday, July 27th. Finally, Deutsche Bank AG raised their price objective on Monarch Casino & Resort from $95.00 to $97.00 and gave the company a buy rating in a research report on Monday, May 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $46.60.

Shares of Monarch Casino & Resort (NASDAQ:MCRI) opened at 33.09 on Friday. The company has a market cap of $580.89 million, a PE ratio of 22.40 and a beta of 1.04. Monarch Casino & Resort has a one year low of $21.13 and a one year high of $34.59. The stock’s 50 day moving average is $30.77 and its 200-day moving average is $28.58.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, July 25th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Monarch Casino & Resort had a return on equity of 11.16% and a net margin of 11.77%. The business had revenue of $58.23 million for the quarter, compared to the consensus estimate of $58 million. Equities research analysts expect that Monarch Casino & Resort will post $1.50 earnings per share for the current year.

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A number of large investors have recently modified their holdings of MCRI. Park West Asset Management LLC increased its stake in shares of Monarch Casino & Resort by 101.2% in the first quarter. Park West Asset Management LLC now owns 905,248 shares of the company’s stock worth $26,741,000 after buying an additional 455,248 shares during the last quarter. Lafitte Capital Management LP increased its stake in shares of Monarch Casino & Resort by 14.4% in the first quarter. Lafitte Capital Management LP now owns 793,008 shares of the company’s stock worth $23,425,000 after buying an additional 99,839 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Monarch Casino & Resort by 36.6% in the fourth quarter. Renaissance Technologies LLC now owns 250,520 shares of the company’s stock worth $6,458,000 after buying an additional 67,120 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Monarch Casino & Resort by 10.4% in the first quarter. Vanguard Group Inc. now owns 580,692 shares of the company’s stock worth $17,153,000 after buying an additional 54,762 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Monarch Casino & Resort by 10.4% in the fourth quarter. State Street Corp now owns 265,108 shares of the company’s stock worth $6,838,000 after buying an additional 24,905 shares during the last quarter. 57.08% of the stock is currently owned by institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc (Monarch), through its subsidiary, owns and operates the Atlantis Casino Resort Spa (the Atlantis), a hotel/casino facility in Reno, Nevada. The Company also owns and operates Monarch Casino Black Hawk. The Company’s segments include Atlantis and Monarch Casino Black Hawk.

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