Monarch Casino & Resort (NASDAQ:MCRI) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a buy rating to a strong-buy rating in a research note released on Thursday morning.

Several other equities research analysts have also commented on the company. Wells Fargo & Company began coverage on Monarch Casino & Resort in a research note on Monday, December 16th. They set an “underweight” rating and a $79.00 price target on the stock. Jefferies Financial Group boosted their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research report on Friday, January 3rd. Truist Financial raised their price target on 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 objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, Monarch Casino & Resort has a consensus rating of “Hold” and a consensus price target of $80.40.

Monarch Casino & Resort Price Performance

Shares of MCRI stock opened at $79.10 on Thursday. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $89.06. The business’s fifty day moving average price is $82.09 and its 200 day moving average price is $76.78. The firm has a market capitalization of $1.45 billion, a PE ratio of 17.50 and a beta of 1.73.

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

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction of $77,700.00. Following the sale, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This trade represents a 0.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 24.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of the company. Financial Management Professionals Inc. purchased a new stake in Monarch Casino & Resort in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC boosted its holdings in shares of Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Monarch Casino & Resort in the second quarter valued at $53,000. Canada Pension Plan Investment Board acquired a new position in Monarch Casino & Resort in the second quarter valued at $102,000. Finally, Heritage Family Offices LLP purchased a new position in Monarch Casino & Resort during the third quarter worth about $222,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.