Short Interest in Red Rock Resorts, Inc. (NASDAQ:RRR) Decreases By 21.1%

Red Rock Resorts, Inc. (NASDAQ:RRR) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 3,174,831 shares, a decrease of 21.1% from the December 15th total of 4,021,478 shares. Based on an average daily trading volume, of 706,783 shares, the days-to-cover ratio is presently 4.5 days. Currently, 6.4% of the shares of the stock are short sold. Currently, 6.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 706,783 shares, the days-to-cover ratio is presently 4.5 days.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RRR shares. Mizuho lifted their price target on shares of Red Rock Resorts from $62.00 to $67.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Macquarie lifted their price objective on Red Rock Resorts from $67.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Morgan Stanley set a $60.00 target price on Red Rock Resorts in a research report on Friday. Weiss Ratings restated a “hold (c+)” rating on shares of Red Rock Resorts in a research report on Wednesday, October 8th. Finally, Truist Financial set a $75.00 price target on Red Rock Resorts in a research note on Tuesday. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $66.43.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds have recently made changes to their positions in the business. Bamco Inc. NY lifted its position in Red Rock Resorts by 5.7% during the second quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after buying an additional 666,593 shares during the period. Vanguard Group Inc. grew its holdings in Red Rock Resorts by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company’s stock valued at $339,764,000 after buying an additional 349,822 shares during the period. Eminence Capital LP increased its stake in shares of Red Rock Resorts by 23.4% during the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock valued at $159,179,000 after acquiring an additional 581,061 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Red Rock Resorts by 10.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock worth $92,281,000 after acquiring an additional 171,235 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Red Rock Resorts by 2,248.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after acquiring an additional 1,296,956 shares during the last quarter. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR traded down $0.53 during trading on Friday, reaching $63.03. The company had a trading volume of 647,346 shares, compared to its average volume of 516,380. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 10.11. Red Rock Resorts has a twelve month low of $35.09 and a twelve month high of $64.69. The stock has a 50-day moving average price of $60.01 and a two-hundred day moving average price of $59.05. The stock has a market capitalization of $6.67 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 2.69 and a beta of 1.50.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.32. The firm had revenue of $475.57 million during the quarter, compared to the consensus estimate of $477.25 million. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 EPS. As a group, sell-side analysts predict that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. This is an increase from Red Rock Resorts’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, December 15th. Red Rock Resorts’s dividend payout ratio (DPR) is 33.12%.

Red Rock Resorts announced that its board has approved a stock buyback program on Tuesday, October 28th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.