Red Rock Resorts, Inc. (NASDAQ:RRR) Sees Significant Growth in Short Interest

Red Rock Resorts, Inc. (NASDAQ:RRR) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 2,710,000 shares, an increase of 16.8% from the October 15th total of 2,320,000 shares. Based on an average daily volume of 489,700 shares, the short-interest ratio is presently 5.5 days. Currently, 5.4% of the shares of the stock are short sold.

Red Rock Resorts Stock Up 1.3 %

RRR stock traded up $0.63 during trading on Friday, reaching $50.84. The stock had a trading volume of 862,367 shares, compared to its average volume of 730,253. Red Rock Resorts has a one year low of $43.08 and a one year high of $63.28. The company’s 50 day moving average is $53.15 and its two-hundred day moving average is $53.76. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 6.33 and a beta of 2.04. The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 14.28.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a $0.25 dividend. The ex-dividend date is Monday, December 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.97%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analysts Forecast Growth

RRR has been the subject of a number of research reports. Susquehanna raised their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 24th. Wells Fargo & Company decreased their target price on shares of Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Macquarie dropped their price target on shares of Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Mizuho reaffirmed an “outperform” rating and set a $57.00 target price (down previously from $67.00) on shares of Red Rock Resorts in a research note on Tuesday, November 12th. Finally, Truist Financial cut their target price on shares of Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.50.

Institutional Investors Weigh In On Red Rock Resorts

A number of hedge funds have recently made changes to their positions in RRR. Covestor Ltd grew its holdings in Red Rock Resorts by 16,666.7% during the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the period. Quarry LP raised its position in shares of Red Rock Resorts by 479.4% in the third quarter. Quarry LP now owns 1,124 shares of the company’s stock valued at $61,000 after purchasing an additional 930 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Red Rock Resorts during the 1st quarter valued at approximately $78,000. US Bancorp DE boosted its holdings in Red Rock Resorts by 2,223.9% in the 3rd quarter. US Bancorp DE now owns 1,557 shares of the company’s stock worth $85,000 after buying an additional 1,490 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in Red Rock Resorts in the 2nd quarter valued at approximately $98,000. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.