Monarch Casino & Resort (NASDAQ:MCRI) Coverage Initiated at Wells Fargo & Company

Research analysts at Wells Fargo & Company began coverage on shares of Monarch Casino & Resort (NASDAQ:MCRI) in a report issued on Monday, Marketbeat.com reports. The firm set an “underweight” rating and a $79.00 price target on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 3.85% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Truist Financial boosted their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a research report on Thursday, October 24th. Finally, StockNews.com upgraded shares of Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $78.50.

Monarch Casino & Resort Stock Down 1.1 %

Shares of NASDAQ:MCRI opened at $82.16 on Monday. The company has a 50-day moving average price of $81.40 and a 200 day moving average price of $75.48. The company has a market cap of $1.51 billion, a P/E ratio of 18.18 and a beta of 1.72. Monarch Casino & Resort has a 52 week low of $64.50 and a 52 week high of $89.06.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.10. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. The firm had revenue of $137.87 million for the quarter, compared to analysts’ expectations of $134.50 million. During the same period in the prior year, the company earned $1.38 EPS. Analysts expect that Monarch Casino & Resort will post 4.72 EPS for the current year.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of MCRI. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC raised its stake in shares of Monarch Casino & Resort by 61.0% in 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. bought a new position in Monarch Casino & Resort in the second quarter worth $53,000. Canada Pension Plan Investment Board acquired a new stake in Monarch Casino & Resort during the second quarter worth $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Monarch Casino & Resort by 81.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after buying an additional 1,221 shares during the period. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

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.