Eldorado Resorts, Inc. (NASDAQ:ERI) Posts Quarterly Earnings Results, Misses Estimates By $0.95 EPS
Eldorado Resorts, Inc. (NASDAQ:ERI) issued its earnings results on Tuesday. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of $0.25 by $0.95, Morningstar.com reports. The firm had revenue of $355.20 million during the quarter, compared to analysts’ expectations of $354.15 million. Eldorado Resorts had a return on equity of 7.95% and a net margin of 2.49%. The firm’s quarterly revenue was up 53.6% on a year-over-year basis.
Eldorado Resorts (ERI) traded up 10.03% on Wednesday, reaching $21.95. The company’s stock had a trading volume of 4,852,942 shares. Eldorado Resorts has a 1-year low of $10.65 and a 1-year high of $22.15. The stock has a 50 day moving average price of $20.05 and a 200-day moving average price of $18.82.
Several brokerages recently weighed in on ERI. Imperial Capital increased their target price on Eldorado Resorts from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. BidaskClub lowered Eldorado Resorts from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. J P Morgan Chase & Co began coverage on Eldorado Resorts in a research report on Thursday, July 20th. They issued an “overweight” rating and a $24.00 target price on the stock. TheStreet raised Eldorado Resorts from a “d+” rating to a “c” rating in a research report on Wednesday, May 17th. Finally, Zacks Investment Research raised Eldorado Resorts from a “strong sell” rating to a “hold” rating in a research report on Monday, May 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $22.33.
In related news, major shareholder Hotel Casino Management, Inc. sold 750,000 shares of Eldorado Resorts stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $20.66, for a total value of $15,495,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Reeg acquired 2,500 shares of Eldorado Resorts stock in a transaction that occurred on Friday, June 16th. The stock was acquired at an average cost of $20.03 per share, with a total value of $50,075.00. Following the purchase, the insider now owns 46,200 shares in the company, valued at approximately $925,386. The disclosure for this purchase can be found here. 1.14% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in ERI. Oppenheimer Asset Management Inc. acquired a new stake in Eldorado Resorts during the first quarter valued at about $140,000. BNP Paribas Arbitrage SA raised its stake in Eldorado Resorts by 8,127.7% in the second quarter. BNP Paribas Arbitrage SA now owns 7,734 shares of the company’s stock valued at $155,000 after buying an additional 7,640 shares during the last quarter. Victory Capital Management Inc. raised its stake in Eldorado Resorts by 17.6% in the second quarter. Victory Capital Management Inc. now owns 8,062 shares of the company’s stock valued at $161,000 after buying an additional 1,209 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Eldorado Resorts during the second quarter valued at about $174,000. Finally, Fox Run Management L.L.C. acquired a new stake in Eldorado Resorts during the second quarter valued at about $208,000. 65.18% of the stock is owned by institutional investors and hedge funds.
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About Eldorado Resorts
Eldorado Resorts, Inc is a gaming and hospitality company that owns and operates gaming facilities located in Ohio, Louisiana, Nevada, Pennsylvania and West Virginia. The Company’s segments are Nevada, Louisiana, Eastern and Corporate. As of May 1, 2017, the Company owned and operated approximately 503,000 square feet of casino space with approximately 20,000 slot machines and video lottery terminals (VLTs), over 550 table and poker games, 45 restaurants and 6,500 hotel rooms.
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