Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives $78.50 Consensus Price Target from Analysts

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has received an average recommendation of “Reduce” from the five research firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $80.40.

Several research analysts have recently issued reports on the stock. Wells Fargo & Company started coverage on shares of Monarch Casino & Resort in a research note on Monday, December 16th. They issued an “underweight” rating and a $79.00 target price on the stock. Jefferies Financial Group raised their price objective on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research note on Friday. Truist Financial lifted their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Stifel Nicolaus increased their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. Finally, StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 17th.

Institutional Investors Weigh In On Monarch Casino & Resort

Several hedge funds have recently bought and sold shares of MCRI. Financial Management Professionals Inc. acquired a new position in shares of Monarch Casino & Resort in the 3rd quarter valued at $30,000. GAMMA Investing LLC grew its stake in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after acquiring an additional 178 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of Monarch Casino & Resort in the second quarter worth about $53,000. Canada Pension Plan Investment Board acquired a new stake in shares of Monarch Casino & Resort during the second quarter worth about $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after purchasing an additional 1,221 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Stock Performance

Shares of MCRI opened at $78.24 on Friday. The business’s fifty day moving average price is $82.13 and its two-hundred day moving average price is $76.61. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 17.31 and a beta of 1.73. Monarch Casino & Resort has a 52 week low of $64.50 and a 52 week high of $89.06.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.10. The business had revenue of $137.87 million for the quarter, compared to analysts’ expectations of $134.50 million. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter last year, the business earned $1.38 earnings per share. As a group, research analysts forecast that Monarch Casino & Resort will post 4.72 EPS for the current year.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.