Red Rock Resorts (NASDAQ:RRR) Shares Gap Up Following Strong Earnings

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $50.92, but opened at $53.11. Red Rock Resorts shares last traded at $53.42, with a volume of 176,073 shares traded.

The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.34. Red Rock Resorts had a return on equity of 73.20% and a net margin of 8.59%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RRR shares. Susquehanna lifted their target price on Red Rock Resorts from $60.00 to $61.00 and gave the company a “positive” rating in a report on Wednesday. Truist Financial cut their target price on Red Rock Resorts from $56.00 to $49.00 and set a “hold” rating on the stock in a research report on Tuesday, January 14th. Macquarie dropped their price target on Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. JMP Securities dropped their target price on Red Rock Resorts from $61.00 to $57.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 16th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $51.00 target price (down previously from $64.00) on shares of Red Rock Resorts in a research report on Friday, January 3rd. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of “Hold” and an average target price of $58.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RRR. Arizona State Retirement System lifted its holdings in Red Rock Resorts by 1.5% during the 4th quarter. Arizona State Retirement System now owns 14,707 shares of the company’s stock valued at $680,000 after purchasing an additional 216 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in Red Rock Resorts by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 7,898 shares of the company’s stock valued at $430,000 after purchasing an additional 232 shares during the last quarter. KBC Group NV lifted its holdings in Red Rock Resorts by 37.1% during the 4th quarter. KBC Group NV now owns 1,996 shares of the company’s stock valued at $92,000 after purchasing an additional 540 shares during the last quarter. Mayfair Advisory Group LLC raised its stake in shares of Red Rock Resorts by 15.1% in the fourth quarter. Mayfair Advisory Group LLC now owns 4,497 shares of the company’s stock worth $208,000 after acquiring an additional 591 shares during the last quarter. Finally, King Luther Capital Management Corp raised its stake in shares of Red Rock Resorts by 1.2% in the third quarter. King Luther Capital Management Corp now owns 64,043 shares of the company’s stock worth $3,487,000 after acquiring an additional 765 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

The company has a market capitalization of $5.65 billion, a P/E ratio of 19.80, a P/E/G ratio of 5.28 and a beta of 2.02. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.02 and a quick ratio of 0.96. The stock’s 50 day simple moving average is $47.30 and its two-hundred day simple moving average is $51.35.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.