Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Down – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $87.24, but opened at $85.18. Monarch Casino & Resort shares last traded at $83.90, with a volume of 12,202 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MCRI shares. Truist Financial upped their price target 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. Wells Fargo & Company assumed coverage on Monarch Casino & Resort in a report on Monday. They issued an “underweight” rating and a $79.00 price target for the company. Stifel Nicolaus increased their price objective 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 lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $78.50.

Monarch Casino & Resort Price Performance

The company’s 50-day moving average is $81.40 and its 200-day moving average is $75.48. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 18.18 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $137.87 million during the quarter, compared to the consensus estimate of $134.50 million. During the same period in the prior year, the firm posted $1.38 EPS. Sell-side analysts anticipate that Monarch Casino & Resort, Inc. will post 4.72 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tributary Capital Management LLC lifted its position in Monarch Casino & Resort by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 276,426 shares of the company’s stock worth $18,833,000 after acquiring an additional 827 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Monarch Casino & Resort by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 178,727 shares of the company’s stock valued at $12,177,000 after purchasing an additional 1,400 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Monarch Casino & Resort by 81.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after purchasing an additional 1,221 shares in the last quarter. Victory Capital Management Inc. increased its stake in Monarch Casino & Resort by 16.6% during the 2nd quarter. Victory Capital Management Inc. now owns 5,324 shares of the company’s stock worth $363,000 after buying an additional 758 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Monarch Casino & Resort by 17.3% in the 2nd quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock worth $21,371,000 after buying an additional 46,323 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

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.