Monarch Casino & Resort (NASDAQ:MCRI) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Monarch Casino & Resort (NASDAQ:MCRI) issued its earnings results on Wednesday. The company reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.12), FiscalAI reports. Monarch Casino & Resort had a net margin of 19.26% and a return on equity of 19.33%. The firm had revenue of $140.00 million during the quarter, compared to analyst estimates of $139.39 million.

Monarch Casino & Resort Stock Performance

Shares of MCRI stock traded down $0.51 during mid-day trading on Wednesday, reaching $93.31. 149,843 shares of the company were exchanged, compared to its average volume of 96,554. The business’s 50 day simple moving average is $94.94 and its 200 day simple moving average is $97.90. The company has a market capitalization of $1.70 billion, a P/E ratio of 16.84 and a beta of 1.34. Monarch Casino & Resort has a fifty-two week low of $69.99 and a fifty-two week high of $113.88.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $100.63, for a total transaction of $100,630.00. Following the completion of the transaction, the chief executive officer directly owned 553,110 shares of the company’s stock, valued at $55,659,459.30. This trade represents a 0.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 25.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. increased its holdings in Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after buying an additional 315 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Monarch Casino & Resort by 69.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock valued at $110,000 after acquiring an additional 524 shares during the last quarter. Mariner LLC raised its position in shares of Monarch Casino & Resort by 6.5% during the 3rd quarter. Mariner LLC now owns 2,493 shares of the company’s stock valued at $264,000 after acquiring an additional 152 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Monarch Casino & Resort during the 3rd quarter valued at approximately $270,000. Finally, Creative Planning bought a new position in Monarch Casino & Resort during the second quarter worth $283,000. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $112.00 price objective on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Wells Fargo & Company raised their target price on shares of Monarch Casino & Resort from $89.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 22nd. Stifel Nicolaus upped their price target on shares of Monarch Casino & Resort from $92.00 to $97.00 and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. Finally, Wall Street Zen downgraded Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $99.40.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.