Red Rock Resorts (NASDAQ:RRR) Price Target Cut to $58.00

Red Rock Resorts (NASDAQ:RRR) had its price objective trimmed by Truist Financial from $63.00 to $58.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the stock.

RRR has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Wells Fargo & Company cut their price target on shares of Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. Macquarie boosted their target price on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Barclays increased their price target on Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, JMP Securities restated a “market outperform” rating and set a $65.00 price target on shares of Red Rock Resorts in a research note on Monday, October 14th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and an average target price of $62.58.

Red Rock Resorts Stock Performance

RRR stock opened at $52.60 on Wednesday. Red Rock Resorts has a 1-year low of $37.82 and a 1-year high of $63.28. The business has a 50-day moving average price of $54.29 and a 200 day moving average price of $54.33. The company has a market capitalization of $5.55 billion, a P/E ratio of 18.26, a PEG ratio of 5.42 and a beta of 2.04. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.16. The firm had revenue of $486.40 million during the quarter, compared to analysts’ expectations of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The company’s revenue was up 16.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 EPS. As a group, equities research analysts forecast that Red Rock Resorts will post 1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Frank J. Fertitta III bought 67,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the purchase, the chief executive officer now directly owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the sale, the chief operating officer now directly owns 71,946 shares in the company, valued at $4,172,868. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Frank J. Fertitta III purchased 67,000 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, August 1st. The stock was acquired at an average cost of $54.49 per share, with a total value of $3,650,830.00. Following the acquisition, the chief executive officer now directly owns 45,914,301 shares in the company, valued at $2,501,870,261.49. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 200,000 shares of company stock valued at $10,426,000. Company insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

Institutional investors and hedge funds have recently made changes to their positions in the business. Bamco Inc. NY raised its position in Red Rock Resorts by 0.5% during the first quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock worth $622,672,000 after acquiring an additional 50,246 shares during the period. Vanguard Group Inc. lifted its stake in Red Rock Resorts by 4.3% in the 1st quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after buying an additional 209,593 shares in the last quarter. Eminence Capital LP boosted its holdings in Red Rock Resorts by 23.7% in the 2nd quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock worth $107,265,000 after buying an additional 374,128 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Red Rock Resorts by 26.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after acquiring an additional 251,855 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Red Rock Resorts by 6.6% in the second quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock valued at $22,200,000 after acquiring an additional 24,992 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.