Monarch Casino & Resort (NASDAQ:MCRI) Cut to “Buy” at 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 research report issued on Tuesday.

A number of other research firms have also issued reports on MCRI. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their price objective for the company from $82.00 to $100.00 in a research report on Tuesday, January 14th. 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 price target on the stock. Jefferies Financial Group boosted their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, January 3rd. Finally, Stifel Nicolaus boosted their target price on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Monarch Casino & Resort has an average rating of “Hold” and an average target price of $84.00.

Monarch Casino & Resort Trading Down 0.6 %

Shares of MCRI opened at $84.83 on Tuesday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 18.77 and a beta of 1.74. The stock has a 50 day moving average of $82.46 and a 200-day moving average of $78.79. Monarch Casino & Resort has a 52 week low of $64.50 and a 52 week high of $89.06.

Insider Buying and Selling

In other news, CEO John Farahi sold 1,000 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 24.94% of the stock is owned by corporate insiders.

Institutional Trading of Monarch Casino & Resort

Hedge funds have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. bought a new position in shares of Monarch Casino & Resort in the 3rd quarter valued at about $30,000. GAMMA Investing LLC grew its holdings in Monarch Casino & Resort by 61.0% during 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. Golden State Wealth Management LLC acquired a new stake in Monarch Casino & Resort during the fourth quarter worth approximately $53,000. KBC Group NV lifted its position in Monarch Casino & Resort by 67.8% during the fourth quarter. KBC Group NV now owns 980 shares of the company’s stock worth $77,000 after acquiring an additional 396 shares during the last quarter. Finally, Independence Bank of Kentucky acquired a new stake in Monarch Casino & Resort during the fourth quarter worth approximately $93,000. 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.