Red Rock Resorts (NASDAQ:RRR) Shares Down 7.6% Following Analyst Downgrade

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) dropped 7.6% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $64.00 to $63.00. Barclays currently has an overweight rating on the stock. Red Rock Resorts traded as low as $48.17 and last traded at $50.24. Approximately 430,575 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 423,167 shares. The stock had previously closed at $54.36.

Several other brokerages have also recently issued reports on RRR. Macquarie raised shares of Red Rock Resorts from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $51.00 to $58.00 in a research note on Wednesday, January 17th. Bank of America increased their price objective on Red Rock Resorts from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Wells Fargo & Company decreased their target price on Red Rock Resorts from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday. Stifel Nicolaus decreased their price target on Red Rock Resorts from $61.00 to $59.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Red Rock Resorts from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.75.

Insider Activity

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $57.74, for a total value of $434,204.80. Following the completion of the sale, the chief financial officer now directly owns 243,808 shares of the company’s stock, valued at $14,077,473.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 53.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in Red Rock Resorts during the 1st quarter valued at approximately $78,000. Virtu Financial LLC acquired a new stake in Red Rock Resorts in the 4th quarter worth $212,000. Core Wealth Partners LLC bought a new position in shares of Red Rock Resorts during the 4th quarter worth about $213,000. SG Americas Securities LLC acquired a new position in shares of Red Rock Resorts during the first quarter valued at about $236,000. Finally, Malaga Cove Capital LLC bought a new stake in shares of Red Rock Resorts in the third quarter valued at about $242,000. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Down 7.6 %

The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 2.81 and a beta of 2.08. The business has a 50-day moving average of $57.69 and a two-hundred day moving average of $52.50.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.18. The business had revenue of $488.90 million for the quarter, compared to analysts’ expectations of $490.49 million. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. Red Rock Resorts’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 earnings per share. Research analysts predict that Red Rock Resorts, Inc. will post 1.92 EPS for the current fiscal year.

About Red Rock Resorts

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.