Wells Fargo & Company Boosts Monarch Casino & Resort (NASDAQ:MCRI) Price Target to $82.00

Monarch Casino & Resort (NASDAQ:MCRI) had its price target boosted by analysts at Wells Fargo & Company from $79.00 to $82.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 10.35% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Jefferies Financial Group increased their price target on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, January 3rd. Finally, Truist Financial raised Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $82.00 to $100.00 in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $87.20.

Monarch Casino & Resort Stock Performance

Shares of Monarch Casino & Resort stock traded up $5.66 during trading on Wednesday, hitting $91.47. 25,730 shares of the stock traded hands, compared to its average volume of 86,008. The company has a fifty day moving average price of $82.62 and a two-hundred day moving average price of $79.39. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $93.36. The stock has a market cap of $1.68 billion, a P/E ratio of 20.27 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same period in the prior year, the firm posted $1.03 earnings per share. On average, equities research analysts expect that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Management Professionals Inc. acquired a new stake in shares of Monarch Casino & Resort in the third quarter valued at approximately $30,000. GAMMA Investing LLC lifted its holdings 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 during the last quarter. Golden State Wealth Management LLC bought a new position in Monarch Casino & Resort during the fourth quarter worth $53,000. KBC Group NV increased its holdings in shares of Monarch Casino & Resort by 67.8% in the fourth quarter. KBC Group NV now owns 980 shares of the company’s stock valued at $77,000 after purchasing an additional 396 shares during the last quarter. Finally, Independence Bank of Kentucky bought a new position in shares of Monarch Casino & Resort in the fourth quarter valued at about $93,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

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.