Monarch Casino & Resort (NASDAQ:MCRI) Upgraded by StockNews.com to Strong-Buy Rating

StockNews.com upgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a buy rating to a strong-buy rating in a research report released on Thursday.

MCRI has been the subject of a number of other research reports. Stifel Nicolaus lifted their target price on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Jefferies Financial Group upped their price objective on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a report on Friday, January 3rd. Wells Fargo & Company assumed coverage on Monarch Casino & Resort in a report on Monday, December 16th. They set an “underweight” rating and a $79.00 target price on the stock. Finally, Truist Financial upped their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $80.40.

Monarch Casino & Resort Stock Performance

NASDAQ MCRI opened at $78.20 on Thursday. Monarch Casino & Resort has a 52 week low of $64.50 and a 52 week high of $89.06. The stock has a market capitalization of $1.44 billion, a P/E ratio of 17.30 and a beta of 1.73. The stock has a fifty day moving average of $82.09 and a 200-day moving average of $76.92.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (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 company had revenue of $137.87 million for the quarter, compared to the consensus estimate of $134.50 million. During the same period in the prior year, the company posted $1.38 EPS. Equities research analysts forecast that Monarch Casino & Resort will post 4.72 earnings per share for the current fiscal year.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total value of $77,700.00. Following the sale, the chief executive officer now owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. This trade represents a 0.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.94% of the stock is owned by insiders.

Institutional Trading of Monarch Casino & Resort

A number of institutional investors have recently made changes to their positions in MCRI. Jane Street Group LLC grew its position in Monarch Casino & Resort by 518.8% in the third quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock valued at $9,280,000 after purchasing an additional 98,153 shares in the last quarter. Weiss Asset Management LP grew its holdings in shares of Monarch Casino & Resort by 1,289.7% in the 3rd quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock valued at $6,279,000 after acquiring an additional 73,512 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Monarch Casino & Resort by 376.1% in the 2nd quarter. Millennium Management LLC now owns 85,869 shares of the company’s stock valued at $5,850,000 after acquiring an additional 67,833 shares in the last quarter. American Century Companies Inc. increased its position in shares of Monarch Casino & Resort by 17.3% in the second quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock valued at $21,371,000 after acquiring an additional 46,323 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in Monarch Casino & Resort during the third quarter valued at approximately $2,349,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.