Short Interest in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Expands By 15.9%

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) was the target of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 420,000 shares, an increase of 15.9% from the January 15th total of 362,300 shares. Based on an average daily volume of 48,500 shares, the days-to-cover ratio is presently 8.7 days. Approximately 3.5% of the company’s stock are short sold.

Several research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Monarch Casino & Resort from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 1st. BidaskClub upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, February 1st. Finally, Jefferies Financial Group upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $58.00 in a research note on Monday, January 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $53.00.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCRI. First Trust Advisors LP increased its holdings in shares of Monarch Casino & Resort by 1.3% during the first quarter. First Trust Advisors LP now owns 21,559 shares of the company’s stock worth $947,000 after purchasing an additional 269 shares during the period. Vanguard Group Inc. increased its holdings in shares of Monarch Casino & Resort by 1.3% during the second quarter. Vanguard Group Inc. now owns 720,092 shares of the company’s stock worth $30,776,000 after purchasing an additional 9,426 shares during the period. Bank of America Corp DE increased its holdings in shares of Monarch Casino & Resort by 26.6% during the second quarter. Bank of America Corp DE now owns 17,981 shares of the company’s stock worth $768,000 after purchasing an additional 3,781 shares during the period. Morgan Stanley increased its holdings in shares of Monarch Casino & Resort by 7.7% during the second quarter. Morgan Stanley now owns 60,820 shares of the company’s stock worth $2,599,000 after purchasing an additional 4,368 shares during the period. Finally, Nuveen Asset Management LLC bought a new position in shares of Monarch Casino & Resort during the second quarter worth approximately $1,860,000. Hedge funds and other institutional investors own 60.56% of the company’s stock.

MCRI traded down $0.18 during midday trading on Friday, reaching $56.70. The company had a trading volume of 85,900 shares, compared to its average volume of 146,316. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.67 and a current ratio of 0.75. The stock has a market cap of $1.01 billion, a PE ratio of 32.03, a P/E/G ratio of 1.87 and a beta of 0.94. Monarch Casino & Resort has a 12-month low of $40.78 and a 12-month high of $57.24. The business has a 50-day moving average price of $51.95 and a two-hundred day moving average price of $46.36.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada. It also owns and operates the Monarch Casino Black Hawk in Black Hawk, Colorado. As of February 20, 2019, the company's Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 824 guest rooms; 8 food outlets; 2 espresso and pastry bars; a 30,000 square-foot health spa and salon with an enclosed pool; 2 retail outlets offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention, and meeting room space.

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