Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by StockNews.com to “Buy”

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday.

Several other analysts have also recently issued reports on MCRI. Truist Financial upped their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus upped their target price on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Finally, Macquarie reaffirmed a “neutral” rating and set a $76.00 target price on shares of Monarch Casino & Resort in a report on Thursday, July 25th.

Monarch Casino & Resort Trading Up 3.4 %

NASDAQ MCRI traded up $2.73 on Wednesday, hitting $82.40. 132,784 shares of the stock traded hands, compared to its average volume of 87,693. The stock has a 50-day moving average of $76.79 and a 200 day moving average of $72.09. Monarch Casino & Resort has a twelve month low of $61.48 and a twelve month high of $83.91. The company has a market capitalization of $1.52 billion, a P/E ratio of 18.23 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.10. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. The firm had revenue of $137.87 million for the quarter, compared to analysts’ expectations of $134.50 million. During the same quarter in the prior year, the firm posted $1.38 earnings per share. As a group, equities research analysts expect that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Hedge Funds Weigh In On Monarch Casino & Resort

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort during the 3rd quarter valued at $30,000. GAMMA Investing LLC boosted its stake in Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Monarch Casino & Resort during the 2nd quarter valued at $53,000. Canada Pension Plan Investment Board bought a new position in Monarch Casino & Resort during the 2nd quarter valued at $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Monarch Casino & Resort by 81.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after purchasing an additional 1,221 shares in the last quarter. 62.37% of the stock is owned by institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.