Red Rock Resorts (NASDAQ:RRR) Releases Quarterly Earnings Results, Beats Expectations By $0.34 EPS

Red Rock Resorts (NASDAQ:RRR) announced its earnings results on Tuesday. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.34, FiscalAI reports. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The company had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million.

Red Rock Resorts Trading Up 2.0%

NASDAQ RRR traded up $1.28 during trading hours on Tuesday, hitting $66.79. 1,357,169 shares of the company were exchanged, compared to its average volume of 617,116. Red Rock Resorts has a 52 week low of $35.09 and a 52 week high of $66.99. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11. The stock has a 50-day moving average price of $61.76 and a 200 day moving average price of $59.92. The stock has a market cap of $7.07 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 2.79 and a beta of 1.49.

Red Rock Resorts declared that its Board of Directors has approved a share buyback plan on Tuesday, October 28th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Morgan Stanley set a $60.00 target price on shares of Red Rock Resorts in a report on Friday, January 16th. Citizens Jmp upped their target price on shares of Red Rock Resorts from $65.00 to $68.00 and gave the stock a “market outperform” rating in a report on Wednesday, January 14th. UBS Group set a $73.00 target price on Red Rock Resorts in a research note on Wednesday, December 24th. Stifel Nicolaus set a $68.00 price target on Red Rock Resorts and gave the stock a “buy” rating in a research note on Monday, November 3rd. Finally, Truist Financial set a $75.00 price objective on shares of Red Rock Resorts in a research report on Tuesday, January 13th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Institutional Trading of Red Rock Resorts

A number of institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC bought a new position in Red Rock Resorts during the first quarter valued at $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Red Rock Resorts by 4.6% during the 1st 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 during the period. Millennium Management LLC raised its position in Red Rock Resorts by 56.2% in the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after purchasing an additional 154,839 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 worth $4,609,000 after purchasing an additional 4,699 shares during the period. Finally, American Century Companies Inc. lifted its stake in Red Rock Resorts by 9.1% in the second quarter. American Century Companies Inc. now owns 25,884 shares of the company’s stock worth $1,347,000 after purchasing an additional 2,166 shares during the last quarter. 47.84% of the stock is currently 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.