Red Rock Resorts (NASDAQ:RRR) Stock Price Target Cut by JPMorgan Chase & Co.

Red Rock Resorts (NASDAQ:RRR) had its target price reduced by research analysts at JPMorgan Chase & Co. from $71.00 to $64.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 29.78% from the company’s previous close.

RRR has been the subject of a number of other reports. Stifel Nicolaus set a $74.00 price objective on Red Rock Resorts in a research note on Wednesday, August 5th. Barclays increased their target price on Red Rock Resorts from $73.00 to $74.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. Mizuho set a $62.00 target price on Red Rock Resorts in a report on Wednesday. Truist Financial lifted their target price on Red Rock Resorts from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, Texas Capital upgraded shares of Red Rock Resorts to a “strong-buy” rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.35.

Red Rock Resorts Trading Down 4.0%

Shares of NASDAQ:RRR traded down $2.07 during mid-day trading on Wednesday, reaching $49.32. 1,123,212 shares of the company were exchanged, compared to its average volume of 849,951. Red Rock Resorts has a 1 year low of $47.42 and a 1 year high of $68.99. The company has a debt-to-equity ratio of 12.33, a current ratio of 0.68 and a quick ratio of 0.63. The firm’s 50-day simple moving average is $52.18 and its 200 day simple moving average is $58.06. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 4.25 and a beta of 1.42.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.62). Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The firm had revenue of $488.70 million during the quarter, compared to analysts’ expectations of $478.13 million. During the same period in the previous year, the firm earned $0.68 EPS. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. Equities research analysts forecast that Red Rock Resorts will post 1.54 EPS for the current year.

Insider Buying and Selling at Red Rock Resorts

In other news, President Scott Kreeger sold 31,159 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the sale, the president owned 203,881 shares of the company’s stock, valued at approximately $12,595,768.18. This represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 54.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RRR. Fortitude Family Office LLC raised its position in Red Rock Resorts by 4,566.7% in the 3rd quarter. Fortitude Family Office LLC now owns 560 shares of the company’s stock valued at $28,000 after purchasing an additional 548 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after buying an additional 481 shares in the last quarter. Nykredit A S acquired a new position in shares of Red Rock Resorts during the second quarter worth about $45,000. Farther Finance Advisors LLC increased its stake in shares of Red Rock Resorts by 252.9% during the third quarter. Farther Finance Advisors LLC now owns 900 shares of the company’s stock worth $45,000 after buying an additional 645 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Red Rock Resorts during the second quarter worth approximately $47,000. 47.84% of the stock is owned by institutional investors and hedge funds.

Key Red Rock Resorts News

Here are the key news stories impacting Red Rock Resorts this week:

• Positive Sentiment: Red Rock Resorts declared a quarterly dividend of $0.26 per share, payable December 31, equivalent to $1.04 annually and a yield of about 2.1%. Dividend announcement
• Positive Sentiment: A Yahoo Finance analysis argued RRR could be undervalued, citing strong Las Vegas revenue and expansion investment; this is an external valuation view, not a company forecast. Valuation analysis
• Neutral Sentiment: Citizens lowered its price target slightly, from $71 to $70, but kept its “market outperform” rating, indicating the analyst remains constructive despite the earnings reaction. Citizens price target update
• Negative Sentiment: Q3 results appear to be the main headwind: revenue rose 2.8% year over year to $488.7 million and topped estimates, but earnings missed analyst expectations and were well below the $0.68 per share reported a year earlier. The market’s focus on the earnings shortfall likely outweighs the modest revenue beat. Third-quarter results Earnings estimate comparison

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.