Monarch Casino & Resort (NASDAQ:MCRI) Rating Lowered to Strong Sell at Zacks Research

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities analysts have also issued reports on MCRI. Wells Fargo & Company decreased their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday. Stifel Nicolaus lifted their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a report on Tuesday. Truist Financial boosted their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research note on Monday. Jefferies Financial Group restated a “hold” rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Finally, UBS Group set a $124.00 price target on Monarch Casino & Resort in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

Monarch Casino & Resort stock opened at $119.17 on Wednesday. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 19.10 and a beta of 1.29. The company’s 50 day simple moving average is $124.53 and its 200 day simple moving average is $108.07. Monarch Casino & Resort has a fifty-two week low of $88.13 and a fifty-two week high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. The firm had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The business’s revenue was up 4.2% compared to the same quarter last year. As a group, analysts predict that Monarch Casino & Resort will post 6.98 EPS for the current fiscal year.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the 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 directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 26.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of Monarch Casino & Resort by 12.1% during the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after purchasing an additional 106 shares during the period. Mariner LLC boosted its stake in 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 during the period. Vident Advisory LLC boosted its stake in Monarch Casino & Resort by 3.5% in the 2nd 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. grew its holdings in Monarch Casino & Resort by 6.0% in the 4th quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock valued at $334,000 after buying an additional 198 shares in the last quarter. Finally, Strs Ohio grew its holdings in Monarch Casino & Resort by 2.7% in the 4th quarter. Strs Ohio now owns 7,500 shares of the company’s stock valued at $718,000 after buying an additional 200 shares in the last quarter. Institutional investors own 62.37% of the company’s stock.

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.