Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $82.00

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective upped by research analysts at Wells Fargo & Company from $79.00 to $82.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 12.91% from the stock’s current price.

Other analysts have also recently issued reports about the company. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their price target for the stock from $82.00 to $100.00 in a report on Tuesday, January 14th. Jefferies Financial Group lifted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research report on Friday, January 3rd. StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Finally, Stifel Nicolaus lifted their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $87.20.

Monarch Casino & Resort Price Performance

MCRI stock opened at $94.16 on Wednesday. Monarch Casino & Resort has a 1 year low of $64.50 and a 1 year high of $96.11. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 20.83 and a beta of 1.74. The company has a 50 day simple moving average of $82.89 and a 200 day simple moving average of $79.59.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same period in the previous year, the business posted $1.03 earnings per share. On average, equities research analysts anticipate that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction of $77,700.00. Following the completion of the transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This trade represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.94% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

A number of large investors have recently bought and sold shares of MCRI. DAVENPORT & Co LLC lifted its stake in shares of Monarch Casino & Resort by 1.6% in the 4th quarter. DAVENPORT & Co LLC now owns 1,256,305 shares of the company’s stock valued at $98,696,000 after purchasing an additional 19,845 shares during the period. Vanguard Group Inc. lifted its stake in Monarch Casino & Resort by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 1,003,709 shares of the company’s stock valued at $79,193,000 after buying an additional 9,234 shares during the period. JPMorgan Chase & Co. lifted its stake in Monarch Casino & Resort by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 918,734 shares of the company’s stock valued at $72,488,000 after buying an additional 72,764 shares during the period. American Century Companies Inc. boosted its holdings in shares of Monarch Casino & Resort by 9.3% during the 4th quarter. American Century Companies Inc. now owns 404,073 shares of the company’s stock worth $31,881,000 after buying an additional 34,384 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Monarch Casino & Resort by 0.9% during the 3rd quarter. Janus Henderson Group PLC now owns 388,658 shares of the company’s stock worth $30,809,000 after buying an additional 3,488 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

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.