Red Rock Resorts (NASDAQ:RRR) Issues Quarterly Earnings Results

Red Rock Resorts (NASDAQ:RRR) released its quarterly earnings results on Tuesday. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.16, FiscalAI reports. The company had revenue of $510.26 million for the quarter, compared to analyst estimates of $500.08 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%.

Red Rock Resorts Price Performance

Shares of RRR traded down $1.34 during mid-day trading on Tuesday, reaching $64.27. The company had a trading volume of 1,639,963 shares, compared to its average volume of 811,601. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The company has a market capitalization of $6.75 billion, a P/E ratio of 20.67, a P/E/G ratio of 4.73 and a beta of 1.36. Red Rock Resorts has a twelve month low of $50.52 and a twelve month high of $68.99. The company’s 50-day moving average is $62.55 and its 200-day moving average is $59.83.

Analysts Set New Price Targets

RRR has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Bank of America boosted their price objective on Red Rock Resorts from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $73.00 target price on shares of Red Rock Resorts in a report on Wednesday, July 15th. Citigroup reissued an “outperform” rating on shares of Red Rock Resorts in a report on Thursday, July 16th. Finally, Truist Financial raised their price objective on Red Rock Resorts from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $71.24.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RRR. Kestra Advisory Services LLC bought a new position in shares of Red Rock Resorts during the fourth quarter valued at $27,000. PNC Financial Services Group Inc. grew its holdings in shares of Red Rock Resorts by 98.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock worth $91,000 after purchasing an additional 733 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Red Rock Resorts during the 2nd quarter worth about $94,000. Russell Investments Group Ltd. increased its position in shares of Red Rock Resorts by 1,385.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,872 shares of the company’s stock worth $97,000 after purchasing an additional 1,746 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its holdings in Red Rock Resorts by 14.8% during the 2nd quarter. Osaic Holdings Inc. now owns 2,996 shares of the company’s stock valued at $149,000 after purchasing an additional 387 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.