Truist Financial Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its target price boosted by investment analysts at Truist Financial from $100.00 to $105.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential downside of 0.50% from the company’s previous close.

Several other brokerages have also recently weighed in on MCRI. Macquarie reaffirmed a “neutral” rating and set a $92.00 price objective on shares of Monarch Casino & Resort in a research note on Wednesday, April 23rd. Stifel Nicolaus decreased their price target on shares of Monarch Casino & Resort from $90.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Finally, Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Sunday, July 13th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $93.20.

Monarch Casino & Resort Trading Up 0.7%

Monarch Casino & Resort stock traded up $0.70 on Wednesday, reaching $105.53. 14,981 shares of the stock were exchanged, compared to its average volume of 111,274. The stock has a market cap of $1.95 billion, a PE ratio of 19.87 and a beta of 1.54. Monarch Casino & Resort has a twelve month low of $67.14 and a twelve month high of $113.88. The firm has a fifty day moving average price of $85.32 and a two-hundred day moving average price of $83.30.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.22. The business had revenue of $136.91 million for the quarter, compared to analysts’ expectations of $129.76 million. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 19.14%. Equities analysts anticipate that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently made changes to their positions in MCRI. Charles Schwab Investment Management Inc. boosted its position in shares of Monarch Casino & Resort by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 118,512 shares of the company’s stock worth $9,351,000 after purchasing an additional 5,674 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Monarch Casino & Resort during the fourth quarter worth $6,118,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Monarch Casino & Resort by 32.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,242 shares of the company’s stock worth $808,000 after acquiring an additional 2,506 shares during the period. Royce & Associates LP raised its holdings in shares of Monarch Casino & Resort by 4.4% during the fourth quarter. Royce & Associates LP now owns 19,595 shares of the company’s stock worth $1,546,000 after acquiring an additional 825 shares during the period. Finally, Teacher Retirement System of Texas raised its holdings in shares of Monarch Casino & Resort by 19.2% during the fourth quarter. Teacher Retirement System of Texas now owns 108,612 shares of the company’s stock worth $8,569,000 after acquiring an additional 17,470 shares during the period. 62.37% of the stock is owned by institutional investors.

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.