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

Monarch Casino & Resort (NASDAQ:MCRI) had its target price lifted by Wells Fargo & Company from $99.00 to $116.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 6.59% from the company’s current price.

MCRI has been the subject of several other reports. Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Zacks Research lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Truist Financial boosted their target price on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $115.80.

Monarch Casino & Resort Stock Up 0.3%

MCRI opened at $124.19 on Tuesday. The firm’s fifty day simple moving average is $123.69 and its two-hundred day simple moving average is $106.62. Monarch Casino & Resort has a 52-week low of $85.66 and a 52-week high of $135.93. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 21.05 and a beta of 1.29.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, beating 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 firm had revenue of $136.55 million for the quarter, compared to analyst estimates of $128.49 million. Monarch Casino & Resort’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, research analysts forecast that Monarch Casino & Resort will post 7.07 EPS for the current year.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the transaction, the chief executive officer directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after buying an additional 106 shares during the last quarter. Mariner LLC increased its holdings in shares of Monarch Casino & Resort by 6.5% in the 3rd quarter. Mariner LLC now owns 2,493 shares of the company’s stock valued at $264,000 after purchasing an additional 152 shares in the last quarter. Vident Advisory LLC lifted its stake in shares of Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock valued at $481,000 after purchasing an additional 186 shares during the period. Panagora Asset Management Inc. lifted its stake in shares of Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock valued at $334,000 after purchasing an additional 198 shares during the period. Finally, Strs Ohio boosted its holdings in Monarch Casino & Resort by 2.7% during the fourth quarter. Strs Ohio now owns 7,500 shares of the company’s stock worth $718,000 after buying an additional 200 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

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.