Monarch Casino & Resort (NASDAQ:MCRI) Stock Rating Lowered by StockNews.com

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Tuesday.

A number of other research firms have also commented on MCRI. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Wells Fargo & Company started coverage on Monarch Casino & Resort in a research report on Monday. They issued an “underweight” rating and a $79.00 price target on the stock. Finally, Truist Financial increased their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $78.50.

Monarch Casino & Resort Stock Performance

MCRI opened at $79.18 on Tuesday. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $89.06. The business has a 50 day moving average price of $81.51 and a 200 day moving average price of $75.59. The firm has a market cap of $1.46 billion, a P/E ratio of 17.52 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.10. The business had revenue of $137.87 million during the quarter, compared to the consensus estimate of $134.50 million. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same period in the prior year, the firm earned $1.38 EPS. As a group, analysts anticipate that Monarch Casino & Resort will post 4.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new stake in shares of Monarch Casino & Resort during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC lifted its position in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares during the period. Meeder Asset Management Inc. acquired a new stake in Monarch Casino & Resort during the second quarter worth $53,000. Canada Pension Plan Investment Board bought a new stake in Monarch Casino & Resort in the 2nd quarter valued at $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of 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 in the last quarter. 62.37% of the stock is currently owned by 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.