Monarch Casino & Resort (NASDAQ:MCRI) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective upped by equities researchers at Wells Fargo & Company from $92.00 to $93.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential downside of 0.23% from the company’s current price.

Several other brokerages also recently commented on MCRI. Wall Street Zen downgraded Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Stifel Nicolaus lifted their target price on shares of Monarch Casino & Resort from $92.00 to $97.00 and gave the stock a “hold” rating in a report on Wednesday, October 22nd. Finally, Jefferies Financial Group restated a “hold” rating and set a $112.00 price target on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $99.80.

Monarch Casino & Resort Stock Down 0.1%

Shares of NASDAQ:MCRI traded down $0.10 on Thursday, reaching $93.21. The company had a trading volume of 68,878 shares, compared to its average volume of 95,322. The stock has a market capitalization of $1.70 billion, a P/E ratio of 16.81 and a beta of 1.34. The stock has a 50-day moving average price of $94.87 and a 200 day moving average price of $97.87. Monarch Casino & Resort has a twelve month low of $69.99 and a twelve month high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.25 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.12). Monarch Casino & Resort had a net margin of 19.26% and a return on equity of 19.33%. The company had revenue of $140.00 million for the quarter, compared to analyst estimates of $139.39 million. During the same period in the prior year, the company posted $0.22 EPS. The business’s revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts predict that Monarch Casino & Resort will post 5.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $100.63, for a total transaction of $100,630.00. Following the sale, the chief executive officer directly owned 553,110 shares of the company’s stock, valued at $55,659,459.30. This trade represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 25.52% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

Several institutional investors have recently modified their holdings of MCRI. AQR Capital Management LLC raised its stake in shares of Monarch Casino & Resort by 36.0% in the first quarter. AQR Capital Management LLC now owns 57,731 shares of the company’s stock valued at $4,489,000 after purchasing an additional 15,295 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Monarch Casino & Resort by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company’s stock valued at $592,000 after buying an additional 316 shares in the last quarter. Yousif Capital Management LLC bought a new position in shares of Monarch Casino & Resort during the 2nd quarter worth about $212,000. Ritholtz Wealth Management increased its stake in Monarch Casino & Resort by 56.5% in the second quarter. Ritholtz Wealth Management now owns 31,529 shares of the company’s stock valued at $2,725,000 after acquiring an additional 11,389 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Monarch Casino & Resort during the second quarter worth about $2,252,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.