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

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

A number of other research analysts have also recently issued reports on the company. Wells Fargo & Company initiated coverage on Monarch Casino & Resort in a research report on Monday, December 16th. They issued an “underweight” rating and a $79.00 target price on the stock. Jefferies Financial Group lifted their price target on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a report on Friday, January 3rd. Truist Financial increased their price objective on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Finally, 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 research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $80.40.

Monarch Casino & Resort Trading Down 1.1 %

Shares of Monarch Casino & Resort stock opened at $78.20 on Thursday. The company has a market cap of $1.44 billion, a PE ratio of 17.30 and a beta of 1.73. The company has a 50 day moving average of $82.09 and a 200-day moving average of $76.78. 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 released its earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.10. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. The firm had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. During the same period in the prior year, the company earned $1.38 earnings per share. Research analysts forecast that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total transaction of $77,700.00. Following the completion of the transaction, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This trade represents a 0.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 24.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Institutional investors and hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. lifted its stake in shares of Monarch Casino & Resort by 7.3% in the third quarter. Franklin Resources Inc. now owns 8,822 shares of the company’s stock worth $665,000 after acquiring an additional 597 shares during the period. Barclays PLC raised its holdings in Monarch Casino & Resort by 108.2% during the 3rd quarter. Barclays PLC now owns 33,508 shares of the company’s stock worth $2,656,000 after purchasing an additional 17,413 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Monarch Casino & Resort by 518.8% in the 3rd quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock worth $9,280,000 after purchasing an additional 98,153 shares during the period. Wellington Management Group LLP boosted its stake in shares of Monarch Casino & Resort by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company’s stock valued at $17,410,000 after purchasing an additional 8,283 shares during the last quarter. Finally, Weiss Asset Management LP increased its position in shares of Monarch Casino & Resort by 1,289.7% during the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock worth $6,279,000 after buying an additional 73,512 shares during the period. Institutional investors and hedge funds 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.