Red Rock Resorts (NASDAQ:RRR) Earns Outperform Rating from Analysts at Wolfe Research

Analysts at Wolfe Research started coverage on shares of Red Rock Resorts (NASDAQ:RRR) in a report released on Wednesday, MarketBeat.com reports. The firm set an “outperform” rating and a $73.00 price target on the stock. Wolfe Research’s price target points to a potential upside of 28.43% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Benchmark restated a “buy” rating on shares of Red Rock Resorts in a research note on Monday. Wall Street Zen raised shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Stifel Nicolaus set a $74.00 price target on shares of Red Rock Resorts in a research report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Zacks Research upgraded shares of Red Rock Resorts from a “strong sell” rating to a “hold” rating in a research note on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.94.

Red Rock Resorts Stock Up 1.3%

Shares of Red Rock Resorts stock opened at $56.84 on Wednesday. The business has a 50-day moving average price of $63.05 and a 200 day moving average price of $59.48. Red Rock Resorts has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The firm has a market cap of $5.97 billion, a P/E ratio of 20.08, a P/E/G ratio of 4.60 and a beta of 1.31. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Tuesday, August 4th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.51 by $0.16. Red Rock Resorts had a return on equity of 56.19% and a net margin of 8.43%.The company had revenue of $510.26 million during the quarter, compared to analyst estimates of $500.08 million. During the same quarter last year, the firm earned $0.95 EPS. The business’s revenue was down 3.0% on a year-over-year basis. On average, sell-side analysts forecast that Red Rock Resorts will post 1.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Red Rock Resorts news, President Scott Kreeger sold 31,159 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the completion of the transaction, the president owned 203,881 shares in the company, valued at approximately $12,595,768.18. This represents a 13.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 54.34% of the company’s stock.

Hedge Funds Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently made changes to their positions in RRR. Valeo Financial Advisors LLC increased its position in Red Rock Resorts by 4.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock valued at $338,000 after acquiring an additional 234 shares during the period. Commonwealth Equity Services LLC boosted its position in Red Rock Resorts by 3.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock worth $643,000 after acquiring an additional 324 shares during the period. California State Teachers Retirement System increased its holdings in shares of Red Rock Resorts by 0.7% during the second quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock valued at $2,431,000 after purchasing an additional 343 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of Red Rock Resorts by 3.9% during the third quarter. CANADA LIFE ASSURANCE Co now owns 10,022 shares of the company’s stock valued at $628,000 after purchasing an additional 378 shares in the last quarter. Finally, Osaic Holdings Inc. raised its stake in shares of Red Rock Resorts by 14.8% during the second quarter. Osaic Holdings Inc. now owns 2,996 shares of the company’s stock valued at $149,000 after purchasing an additional 387 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

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.