Wells Fargo & Company Raises Red Rock Resorts (NASDAQ:RRR) Price Target to $77.00

Red Rock Resorts (NASDAQ:RRR) had its price target upped by Wells Fargo & Company from $75.00 to $77.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 16.23% from the stock’s current price.

RRR has been the subject of a number of other reports. Weiss Ratings upgraded Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Zacks Research downgraded Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. UBS Group set a $75.00 price objective on Red Rock Resorts in a research note on Thursday, July 2nd. Citizens Jmp dropped their target price on Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a report on Thursday, April 30th. Finally, Stifel Nicolaus set a $70.00 target price on Red Rock Resorts in a research note on Friday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.41.

Red Rock Resorts Stock Up 3.1%

Red Rock Resorts stock opened at $66.25 on Wednesday. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The stock has a market capitalization of $6.96 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 4.82 and a beta of 1.36. The business has a 50 day simple moving average of $62.69 and a 200-day simple moving average of $59.84. Red Rock Resorts has a 12 month low of $50.52 and a 12 month high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.16. The firm had revenue of $510.26 million during the quarter, compared to the consensus estimate of $500.08 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. On average, analysts anticipate that Red Rock Resorts will post 1.52 EPS for the current fiscal year.

Institutional Trading of Red Rock Resorts

Institutional investors have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC purchased a new stake in Red Rock Resorts during the fourth quarter worth about $25,000. Kestra Advisory Services LLC purchased a new position in shares of Red Rock Resorts in the fourth quarter valued at approximately $27,000. Rockefeller Capital Management L.P. boosted its stake in shares of Red Rock Resorts by 1,924.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after purchasing an additional 481 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Red Rock Resorts by 98.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after purchasing an additional 733 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Red Rock Resorts in the second quarter valued at approximately $94,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

About Red Rock Resorts

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.