Zacks Research Downgrades Monarch Casino & Resort (NASDAQ:MCRI) to Hold

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently commented on MCRI. Wells Fargo & Company boosted their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Finally, Truist Financial upped their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $109.50.

Monarch Casino & Resort Stock Down 0.5%

Shares of Monarch Casino & Resort stock opened at $128.80 on Monday. The stock’s 50-day simple moving average is $117.83 and its 200-day simple moving average is $103.61. Monarch Casino & Resort has a 52 week low of $85.40 and a 52 week high of $134.31. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 21.83 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.37. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The firm had revenue of $136.55 million during the quarter, compared to analyst estimates of $128.49 million. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, equities analysts expect that Monarch Casino & Resort will post 7.07 earnings per share for the current year.

Insider Transactions at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the sale, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This represents a 0.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 26.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after purchasing an additional 106 shares during the period. Mariner LLC boosted its stake in shares of Monarch Casino & Resort by 6.5% during the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock valued at $264,000 after purchasing an additional 152 shares during the period. Vident Advisory LLC boosted its stake in shares of Monarch Casino & Resort by 3.5% during the second quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock valued at $481,000 after purchasing an additional 186 shares during the period. Panagora Asset Management Inc. grew its holdings in shares of Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock worth $334,000 after purchasing an additional 198 shares during the last quarter. Finally, Strs Ohio grew its holdings in shares of Monarch Casino & Resort by 2.7% in the fourth quarter. Strs Ohio now owns 7,500 shares of the company’s stock worth $718,000 after purchasing an additional 200 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Company Profile

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.