Red Rock Resorts (NASDAQ:RRR) Price Target Lowered to $66.00 at Mizuho

Red Rock Resorts (NASDAQ:RRR) had its price target lowered by stock analysts at Mizuho from $69.00 to $66.00 in a research note issued to investors on Wednesday, May 8th, Benzinga reports. The firm presently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 28.06% from the company’s previous close.

RRR has been the topic of a number of other research reports. Susquehanna raised their target price on shares of Red Rock Resorts from $52.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. raised their price objective on shares of Red Rock Resorts from $63.00 to $69.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Truist Financial raised their price objective on Red Rock Resorts from $58.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Red Rock Resorts from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Finally, JMP Securities increased their price target on shares of Red Rock Resorts from $61.00 to $66.00 and gave the company a “market outperform” rating in a report on Friday, April 19th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.58.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock traded up $0.22 during mid-day trading on Wednesday, reaching $51.54. 26,063 shares of the stock were exchanged, compared to its average volume of 441,035. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The firm has a 50-day simple moving average of $56.78 and a 200 day simple moving average of $53.13. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 2.45 and a beta of 2.08.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.18. Red Rock Resorts had a net margin of 9.79% and a return on equity of 98.44%. The company had revenue of $488.90 million for the quarter, compared to analyst estimates of $490.49 million. During the same period last year, the business posted $0.75 earnings per share. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts predict that Red Rock Resorts will post 1.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Vice President Lorenzo J. Fertitta acquired 800,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $50.39 per share, for a total transaction of $40,312,000.00. Following the acquisition, the insider now directly owns 47,447,301 shares of the company’s stock, valued at approximately $2,390,869,497.39. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Red Rock Resorts news, Vice President Lorenzo J. Fertitta bought 800,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average cost of $50.39 per share, for a total transaction of $40,312,000.00. Following the completion of the transaction, the insider now directly owns 47,447,301 shares of the company’s stock, valued at approximately $2,390,869,497.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stephen Lawrence Cootey sold 7,520 shares of Red Rock Resorts stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $57.74, for a total value of $434,204.80. Following the transaction, the chief financial officer now owns 243,808 shares of the company’s stock, valued at $14,077,473.92. The disclosure for this sale can be found here. 53.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd raised its stake in shares of Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Red Rock Resorts during the first quarter worth approximately $78,000. Virtu Financial LLC acquired a new stake in Red Rock Resorts in the fourth quarter valued at approximately $212,000. Core Wealth Partners LLC acquired a new position in Red Rock Resorts during the 4th quarter worth approximately $213,000. Finally, SG Americas Securities LLC acquired a new position in Red Rock Resorts during the 1st quarter worth approximately $236,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

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.