Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Up on Analyst Upgrade

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price gapped up prior to trading on Thursday after Stifel Nicolaus raised their price target on the stock from $72.00 to $77.00. The stock had previously closed at $73.64, but opened at $78.49. Stifel Nicolaus currently has a hold rating on the stock. Monarch Casino & Resort shares last traded at $76.50, with a volume of 2,238 shares.

A number of other brokerages have also recently commented on MCRI. Macquarie reaffirmed a “neutral” rating and issued a $76.00 target price on shares of Monarch Casino & Resort in a report on Thursday, July 25th. StockNews.com upgraded Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Monday. Finally, Truist Financial increased their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research note on Wednesday.

Institutional Investors Weigh In On Monarch Casino & Resort

Institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. purchased a new stake in Monarch Casino & Resort in the 3rd quarter worth $30,000. GAMMA Investing LLC grew its position in shares of Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Monarch Casino & Resort during the second quarter valued at about $53,000. Canada Pension Plan Investment Board purchased a new position in shares of Monarch Casino & Resort during the second quarter valued at about $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after purchasing an additional 1,221 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

The stock has a market cap of $1.47 billion, a PE ratio of 18.54 and a beta of 1.73. The stock has a 50-day moving average price of $75.90 and a two-hundred day moving average price of $71.52.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.08. The firm had revenue of $128.14 million during the quarter, compared to analyst estimates of $126.03 million. Monarch Casino & Resort had a return on equity of 17.05% and a net margin of 16.31%. Equities research analysts expect that Monarch Casino & Resort, Inc. will post 4.62 earnings per share for the current year.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.