Monarch Casino & Resort (NASDAQ:MCRI) Stock Rating Lowered by StockNews.com

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

Several other analysts also recently issued reports on MCRI. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $82.00 to $100.00 in a report on Tuesday, January 14th. Jefferies Financial Group upped their price target on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, January 3rd. Wells Fargo & Company started coverage on shares of Monarch Casino & Resort in a research report on Monday, December 16th. They set an “underweight” rating and a $79.00 price objective on the stock. Finally, Stifel Nicolaus increased 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. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Monarch Casino & Resort presently has a consensus rating of “Hold” and a consensus target price of $84.00.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ:MCRI opened at $83.87 on Wednesday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.56 and a beta of 1.73. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $89.06. The company has a 50 day moving average price of $82.27 and a 200 day moving average price of $77.85.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, topping 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 business had revenue of $137.87 million during the quarter, compared to analyst estimates of $134.50 million. During the same period last year, the company posted $1.38 EPS. On average, sell-side analysts expect that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total transaction of $77,700.00. Following the completion of the sale, the chief executive officer now directly owns 528,436 shares in the company, valued at approximately $41,059,477.20. This trade represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 24.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new stake in shares of Monarch Casino & Resort in the 3rd quarter valued at approximately $30,000. GAMMA Investing LLC lifted its stake in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after acquiring an additional 178 shares during the last quarter. KBC Group NV grew its position in Monarch Casino & Resort by 67.8% in the fourth quarter. KBC Group NV now owns 980 shares of the company’s stock worth $77,000 after acquiring an additional 396 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Monarch Casino & Resort during the 2nd quarter worth $102,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Monarch Casino & Resort by 30.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,693 shares of the company’s stock valued at $134,000 after purchasing an additional 400 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.