Monarch Casino & Resort (NASDAQ:MCRI) Rating Lowered to Buy at StockNews.com

StockNews.com downgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a research report report published on Tuesday.

A number of other research firms also recently commented on MCRI. Wells Fargo & Company initiated coverage on Monarch Casino & Resort in a research report on Monday. They set an “underweight” rating and a $79.00 target price on the stock. Truist Financial increased their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Finally, Stifel Nicolaus boosted their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Monarch Casino & Resort presently has an average rating of “Hold” and an average price target of $78.50.

Monarch Casino & Resort Stock Down 1.1 %

Shares of MCRI opened at $82.16 on Tuesday. The firm’s 50 day moving average price is $81.40 and its 200 day moving average price is $75.48. The company has a market cap of $1.51 billion, a P/E ratio of 18.18 and a beta of 1.72. Monarch Casino & Resort has a fifty-two week low of $64.50 and a fifty-two week high of $89.06.

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

Institutional Investors Weigh In On Monarch Casino & Resort

Hedge funds have recently modified their holdings of the stock. Financial Management Professionals Inc. purchased a new stake in shares of Monarch Casino & Resort in the third quarter valued at about $30,000. GAMMA Investing LLC raised its stake in shares of Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after buying an additional 178 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Monarch Casino & Resort in the second quarter valued at approximately $53,000. Canada Pension Plan Investment Board purchased a new stake in shares of Monarch Casino & Resort during the 2nd quarter worth $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Monarch Casino & Resort by 81.9% during the 2nd 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 owned by institutional investors and hedge funds.

Monarch Casino & Resort Company Profile

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.