Monarch Casino & Resort (NASDAQ:MCRI) Trading Down 3.7% – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price fell 3.7% on Monday . The stock traded as low as $82.14 and last traded at $81.91. 78,723 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 109,258 shares. The stock had previously closed at $85.02.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MCRI. Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their target price for the company from $82.00 to $100.00 in a report on Tuesday, January 14th. StockNews.com downgraded shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Stifel Nicolaus lifted their target price on shares of Monarch Casino & Resort from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Wells Fargo & Company boosted their price objective on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group boosted their price objective on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on 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

The business’s 50-day moving average price is $86.53 and its two-hundred day moving average price is $81.99. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 16.43 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a net margin of 18.01% and a return on equity of 18.27%. During the same period last year, the firm earned $1.03 earnings per share. As a group, sell-side analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current 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 stock was sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now owns 528,436 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 24.94% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCRI. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Monarch Casino & Resort by 35.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,451 shares of the company’s stock worth $2,008,000 after acquiring an additional 6,700 shares during the last quarter. State of Wyoming increased its position in shares of Monarch Casino & Resort by 56.4% during the fourth quarter. State of Wyoming now owns 3,341 shares of the company’s stock worth $264,000 after acquiring an additional 1,205 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Monarch Casino & Resort during the fourth quarter worth about $169,000. ProShare Advisors LLC increased its position in shares of Monarch Casino & Resort by 44.4% during the fourth quarter. ProShare Advisors LLC now owns 3,862 shares of the company’s stock worth $305,000 after acquiring an additional 1,188 shares during the last quarter. Finally, Quantedge Capital Pte Ltd purchased a new stake in shares of Monarch Casino & Resort during the fourth quarter worth about $1,585,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

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.