Wells Fargo & Company Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its price target raised by stock analysts at Wells Fargo & Company from $79.00 to $82.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential downside of 12.91% from the company’s previous close.

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

Monarch Casino & Resort Trading Up 1.7 %

MCRI stock opened at $94.16 on Wednesday. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $96.11. The business’s 50 day simple moving average is $82.89 and its 200 day simple moving average is $79.59. The firm has a market capitalization of $1.73 billion, a PE ratio of 20.83 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data 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 16.82% and a return on equity of 17.06%. During the same period in the prior year, the company earned $1.03 EPS. As a group, sell-side analysts predict that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total transaction of $77,700.00. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 24.94% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently bought and sold shares of MCRI. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort in the 3rd quarter valued at about $30,000. GAMMA Investing LLC boosted its position in shares of Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after acquiring an additional 178 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Monarch Casino & Resort in the fourth quarter valued at approximately $53,000. KBC Group NV raised its position in Monarch Casino & Resort by 67.8% during 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 in the last quarter. Finally, Independence Bank of Kentucky bought a new stake in Monarch Casino & Resort during the fourth quarter worth $93,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

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.