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

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

A number of other brokerages have also recently issued reports on MCRI. Stifel Nicolaus upped their price objective 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. Macquarie restated a “neutral” rating and set a $76.00 price target on shares of Monarch Casino & Resort in a report on Thursday, July 25th. Finally, Truist Financial upped their price target on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd.

Monarch Casino & Resort Price Performance

NASDAQ:MCRI traded up $0.48 during trading hours on Wednesday, reaching $82.84. The company’s stock had a trading volume of 89,538 shares, compared to its average volume of 91,408. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 18.33 and a beta of 1.73. Monarch Casino & Resort has a one year low of $61.96 and a one year high of $83.91. The business’s 50-day moving average is $77.07 and its 200-day moving average is $72.26.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.10. The firm had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. 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 company posted $1.38 earnings per share. On average, sell-side analysts predict that Monarch Casino & Resort will post 4.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Monarch Casino & Resort

Several hedge funds have recently made changes to their positions in MCRI. Millennium Management LLC lifted its stake in shares of Monarch Casino & Resort by 376.1% in the second quarter. Millennium Management LLC now owns 85,869 shares of the company’s stock valued at $5,850,000 after buying an additional 67,833 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Monarch Casino & Resort in the second quarter valued at about $3,307,000. American Century Companies Inc. lifted its stake 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 buying an additional 46,323 shares during the period. Westwood Holdings Group Inc. bought a new stake in shares of Monarch Casino & Resort in the first quarter valued at about $2,822,000. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of Monarch Casino & Resort in the third quarter valued at about $1,868,000. Institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.