Wells Fargo & Company Trims Red Rock Resorts (NASDAQ:RRR) Target Price to $63.00

Red Rock Resorts (NASDAQ:RRR) had its price target decreased by equities researchers at Wells Fargo & Company from $66.00 to $63.00 in a report released on Wednesday, May 8th, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 22.43% from the company’s current price.

A number of other research firms also recently issued reports on RRR. JPMorgan Chase & Co. upped their target price on shares of Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Susquehanna increased their price target 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. Macquarie upgraded shares of Red Rock Resorts from a “neutral” rating to an “outperform” rating and increased their price target for the company from $51.00 to $58.00 in a research report on Wednesday, January 17th. Barclays raised their target price on shares of Red Rock Resorts from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Bank of America raised their target price on shares of Red Rock Resorts from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.58.

Red Rock Resorts Price Performance

Shares of RRR traded up $0.14 during trading hours on Wednesday, hitting $51.46. The stock had a trading volume of 22,637 shares, compared to its average volume of 440,890. The company’s fifty day moving average is $56.78 and its two-hundred day moving average is $53.13. The company has a debt-to-equity ratio of 18.49, a current ratio of 0.90 and a quick ratio of 0.85. Red Rock Resorts has a 52 week low of $37.82 and a 52 week high of $63.28. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 17.82, a P/E/G 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 business had revenue of $488.90 million for the quarter, compared to analyst estimates of $490.49 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, analysts anticipate that Red Rock Resorts will post 1.83 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Red Rock Resorts

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Red Rock Resorts by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 401,209 shares of the company’s stock valued at $16,450,000 after buying an additional 4,432 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Red Rock Resorts by 13.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,201 shares of the company’s stock valued at $459,000 after acquiring an additional 1,330 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Red Rock Resorts by 5.3% during the 3rd quarter. TD Asset Management Inc now owns 35,606 shares of the company’s stock valued at $1,460,000 after acquiring an additional 1,800 shares during the last quarter. Malaga Cove Capital LLC bought a new stake in shares of Red Rock Resorts during the 3rd quarter valued at about $242,000. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Red Rock Resorts by 1.9% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,827,336 shares of the company’s stock valued at $197,921,000 after acquiring an additional 91,798 shares during the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

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.