Monarch Casino & Resort (NASDAQ:MCRI) Rating Lowered to “Buy” at StockNews.com

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

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus boosted 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 boosted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. Truist Financial upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and upped their price objective for the company from $82.00 to $100.00 in a report on Tuesday, January 14th. Finally, Wells Fargo & Company started coverage on shares of Monarch Casino & Resort in a report on Monday, December 16th. They set an “underweight” rating and a $79.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Hold” and a consensus target price of $84.00.

Monarch Casino & Resort Price Performance

NASDAQ:MCRI opened at $85.81 on Wednesday. The firm has a market cap of $1.58 billion, a PE ratio of 18.98 and a beta of 1.74. The company has a 50-day moving average of $82.62 and a 200 day moving average of $79.39. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $89.06.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.23. 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 $1.03 earnings per share. Sell-side analysts anticipate that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Farahi sold 1,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now owns 528,436 shares in the company, valued at approximately $41,059,477.20. This 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 link. Corporate insiders own 24.94% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Trust Point Inc. increased its holdings in Monarch Casino & Resort by 1.5% in the 3rd quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock worth $873,000 after buying an additional 162 shares during the period. GAMMA Investing LLC boosted its position in Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares in the last quarter. Heritage Family Offices LLP boosted its position in Monarch Casino & Resort by 7.0% in the 4th quarter. Heritage Family Offices LLP now owns 2,993 shares of the company’s stock worth $236,000 after purchasing an additional 196 shares in the last quarter. New York State Teachers Retirement System boosted its position in Monarch Casino & Resort by 0.9% in the 4th quarter. New York State Teachers Retirement System now owns 24,706 shares of the company’s stock worth $1,949,000 after purchasing an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in Monarch Casino & Resort by 2.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,948 shares of the company’s stock worth $785,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 62.37% of the company’s stock.

About Monarch Casino & Resort

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.