Monarch Casino & Resort (NASDAQ:MCRI) Trading Down 3.7% – Time to Sell?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) dropped 3.7% during trading on Monday . The company traded as low as $82.14 and last traded at $81.91. Approximately 78,723 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 109,258 shares. The stock had previously closed at $85.02.

Wall Street Analyst Weigh In

MCRI has been the topic of a number of research reports. Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and increased their price objective for the company from $82.00 to $100.00 in a research note on Tuesday, January 14th. Jefferies Financial Group increased their price objective on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, January 3rd. Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 12th. Finally, Wells Fargo & Company raised their price target on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of “Hold” and an average price target of $87.20.

Monarch Casino & Resort Price Performance

The company’s 50-day moving average is $86.36 and its 200-day moving average is $81.89. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 16.87 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.13 by $0.23. Monarch Casino & Resort had a net margin of 18.01% and a return on equity of 18.27%. During the same period last year, the business earned $1.03 EPS. Sell-side analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Insider Activity

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort 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 owns 528,436 shares of the company’s stock, valued at $41,059,477.20. The trade was a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 24.94% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of hedge funds have recently added to or reduced their stakes in MCRI. Fuller & Thaler Asset Management Inc. acquired a new position in Monarch Casino & Resort in the fourth quarter worth $19,346,000. Jane Street Group LLC boosted its holdings in Monarch Casino & Resort by 518.8% in the third quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock worth $9,280,000 after purchasing an additional 98,153 shares during the period. Raymond James Financial Inc. acquired a new position in Monarch Casino & Resort in the fourth quarter worth $6,118,000. Weiss Asset Management LP boosted its holdings in Monarch Casino & Resort by 1,289.7% in the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock worth $6,279,000 after purchasing an additional 73,512 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Monarch Casino & Resort by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 918,734 shares of the company’s stock worth $72,488,000 after purchasing an additional 72,764 shares during the period. 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.