Monarch Casino & Resort (NASDAQ:MCRI) Downgraded to “Hold” Rating by Zacks Research

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

MCRI has been the subject of a number of other reports. Stifel Nicolaus raised their target price on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Wells Fargo & Company lifted their price objective on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Finally, Truist Financial boosted their price objective on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Monarch Casino & Resort has a consensus rating of “Hold” and an average target price of $109.50.

Monarch Casino & Resort Stock Down 0.5%

Monarch Casino & Resort stock opened at $128.80 on Monday. The firm has a 50 day moving average price of $117.83 and a 200-day moving average price of $103.61. Monarch Casino & Resort has a twelve month low of $85.40 and a twelve month high of $134.31. The company has a market capitalization of $2.29 billion, a P/E ratio of 21.83 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The company had revenue of $136.55 million for the quarter, compared to analysts’ expectations of $128.49 million. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. Equities analysts expect that Monarch Casino & Resort will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the transaction, the chief executive officer owned 616,556 shares of the company’s stock, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 26.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors and hedge funds have recently modified their holdings of MCRI. Osaic Holdings Inc. grew its stake in Monarch Casino & Resort by 210.0% during the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after acquiring an additional 315 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Monarch Casino & Resort in the 4th quarter valued at $40,000. GAMMA Investing LLC boosted its holdings in Monarch Casino & Resort by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after purchasing an additional 106 shares during the period. Parallel Advisors LLC grew its position in shares of Monarch Casino & Resort by 191.3% during the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock valued at $109,000 after purchasing an additional 746 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Monarch Casino & Resort by 69.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock valued at $110,000 after purchasing an additional 524 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.