Monarch Casino & Resort (NASDAQ:MCRI) Stock Rating Upgraded by Truist Financial

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by equities researchers at Truist Financial from a “hold” rating to a “buy” rating in a report issued on Tuesday,Benzinga reports. The brokerage presently has a $100.00 price target on the stock, up from their prior price target of $82.00. Truist Financial’s target price would indicate a potential upside of 26.71% from the stock’s previous close.

MCRI has been the subject of a number of other research reports. StockNews.com raised Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 9th. 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 price target for the company. Stifel Nicolaus raised their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Finally, Jefferies Financial Group lifted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $84.00.

Monarch Casino & Resort Stock Up 0.9 %

NASDAQ:MCRI opened at $78.92 on Tuesday. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $89.06. The company has a fifty day moving average of $82.09 and a 200-day moving average of $76.98. The firm has a market capitalization of $1.45 billion, a P/E ratio of 17.46 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.10. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. The business had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. During the same period last year, the company posted $1.38 earnings per share. On average, analysts anticipate that Monarch Casino & Resort will post 4.72 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Monarch Casino & Resort

Institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC boosted its stake in shares of Monarch Casino & Resort by 0.9% during the third quarter. Janus Henderson Group PLC now owns 388,658 shares of the company’s stock valued at $30,809,000 after purchasing an additional 3,488 shares during the period. American Century Companies Inc. raised its holdings in Monarch Casino & Resort by 17.3% during the 2nd 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 last quarter. Wellington Management Group LLP grew its holdings in Monarch Casino & Resort by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company’s stock worth $17,410,000 after acquiring an additional 8,283 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Monarch Casino & Resort by 6.0% in the second quarter. Dimensional Fund Advisors LP now owns 175,378 shares of the company’s stock valued at $11,949,000 after acquiring an additional 9,990 shares during the period. Finally, FMR LLC increased its position in shares of Monarch Casino & Resort by 1.1% in the third quarter. FMR LLC now owns 134,098 shares of the company’s stock valued at $10,630,000 after acquiring an additional 1,396 shares during the period. 62.37% of the stock is currently owned by institutional investors.

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.