Morgan Stanley Issues Positive Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its price target raised by research analysts at Morgan Stanley from $62.00 to $63.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 6.85% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Wells Fargo & Company raised their price objective on Red Rock Resorts from $58.00 to $59.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 11th. Jefferies Financial Group decreased their price target on Red Rock Resorts from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Monday. Weiss Ratings raised shares of Red Rock Resorts from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. Truist Financial reiterated a “buy” rating and set a $80.00 price objective (up from $75.00) on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Finally, Citigroup reissued a “market outperform” rating on shares of Red Rock Resorts in a research note on Tuesday, March 10th. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $70.57.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock traded up $3.27 during trading on Wednesday, reaching $58.96. 29,239 shares of the stock traded hands, compared to its average volume of 781,838. Red Rock Resorts has a 52-week low of $36.85 and a 52-week high of $68.99. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74. The business has a fifty day simple moving average of $60.06 and a two-hundred day simple moving average of $59.69. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 18.78, a P/E/G ratio of 2.29 and a beta of 1.48.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.34. The company had revenue of $511.78 million for the quarter, compared to the consensus estimate of $500.90 million. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.76 earnings per share. Sell-side analysts expect that Red Rock Resorts will post 1.76 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RRR. AQR Capital Management LLC purchased a new position in Red Rock Resorts in the first quarter valued at about $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Red Rock Resorts by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company’s stock worth $1,270,000 after purchasing an additional 1,282 shares in the last quarter. Millennium Management LLC lifted its position in shares of Red Rock Resorts by 56.2% during the first quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock valued at $18,656,000 after buying an additional 154,839 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Red Rock Resorts by 4.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company’s stock valued at $4,609,000 after buying an additional 4,699 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Red Rock Resorts by 9.1% in the 2nd quarter. American Century Companies Inc. now owns 25,884 shares of the company’s stock valued at $1,347,000 after buying an additional 2,166 shares in the last quarter. 47.84% of the stock is owned by institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.