Analysts Set Monarch Casino & Resort, Inc. (NASDAQ:MCRI) PT at $78.50

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) have been given an average rating of “Reduce” by the five brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $80.40.

A number of research analysts recently commented on MCRI shares. StockNews.com raised shares of Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a report on Thursday. Truist Financial increased 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. Stifel Nicolaus increased their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Wells Fargo & Company started coverage on shares of Monarch Casino & Resort in a research note on Monday, December 16th. They issued an “underweight” rating and a $79.00 price objective for the company. Finally, Jefferies Financial Group raised their price objective on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd.

Monarch Casino & Resort Stock Up 1.1 %

Shares of Monarch Casino & Resort stock opened at $79.10 on Friday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 17.50 and a beta of 1.73. The business has a 50-day moving average price of $82.09 and a 200-day moving average price of $76.78. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $89.06.

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

Insiders Place Their Bets

In other news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. This trade represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 24.94% of the stock is owned by insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of institutional investors have recently modified their holdings of MCRI. Bank of New York Mellon Corp increased its position in shares of Monarch Casino & Resort by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 178,727 shares of the company’s stock worth $12,177,000 after acquiring an additional 1,400 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after acquiring an additional 1,221 shares during the period. Victory Capital Management Inc. increased its position in shares of Monarch Casino & Resort by 16.6% during the second quarter. Victory Capital Management Inc. now owns 5,324 shares of the company’s stock worth $363,000 after acquiring an additional 758 shares during the period. American Century Companies Inc. increased its position in shares of Monarch Casino & Resort by 17.3% during the second quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock worth $21,371,000 after acquiring an additional 46,323 shares during the period. Finally, Vest Financial LLC increased its position in shares of Monarch Casino & Resort by 38.6% during the second quarter. Vest Financial LLC now owns 16,107 shares of the company’s stock worth $1,097,000 after acquiring an additional 4,482 shares during the period. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Company Profile

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.