Monarch Casino & Resort (NASDAQ:MCRI) Raised 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 published on Thursday.

A number of other brokerages have also recently issued reports on MCRI. Stifel Nicolaus lifted 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. Truist Financial lifted their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd.

Monarch Casino & Resort Stock Performance

MCRI stock opened at $84.01 on Thursday. Monarch Casino & Resort has a fifty-two week low of $62.03 and a fifty-two week high of $86.68. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.59 and a beta of 1.73. The business’s 50 day moving average price is $79.58 and its two-hundred day moving average price is $73.91.

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. The company 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 period in the prior year, the firm earned $1.38 earnings per share. Sell-side analysts forecast that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Institutional Trading of Monarch Casino & Resort

Several institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. raised its holdings in Monarch Casino & Resort by 7.3% in the third quarter. Franklin Resources Inc. now owns 8,822 shares of the company’s stock worth $665,000 after buying an additional 597 shares during the last quarter. Barclays PLC raised its holdings in Monarch Casino & Resort by 108.2% in the 3rd quarter. Barclays PLC now owns 33,508 shares of the company’s stock worth $2,656,000 after acquiring an additional 17,413 shares during the last quarter. Jane Street Group LLC lifted its position in Monarch Casino & Resort by 518.8% in the 3rd quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock valued at $9,280,000 after acquiring an additional 98,153 shares in the last quarter. Wellington Management Group LLP lifted its position in Monarch Casino & Resort by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company’s stock valued at $17,410,000 after acquiring an additional 8,283 shares in the last quarter. Finally, Weiss Asset Management LP increased its holdings in shares of Monarch Casino & Resort by 1,289.7% in the 3rd quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock worth $6,279,000 after purchasing an additional 73,512 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

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.