Jefferies Financial Group Cuts Red Rock Resorts (NASDAQ:RRR) Price Target to $74.00

Red Rock Resorts (NASDAQ:RRR) had its price target dropped by equities researchers at Jefferies Financial Group from $79.00 to $74.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 33.92% from the company’s current price.

A number of other research analysts have also issued reports on RRR. Benchmark started coverage on shares of Red Rock Resorts in a research note on Monday, March 23rd. They issued a “buy” rating and a $67.00 target price on the stock. Citizens Jmp upped their price target on shares of Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a report on Wednesday, January 14th. UBS Group set a $73.00 price target on Red Rock Resorts in a research report on Wednesday, December 24th. Wells Fargo & Company boosted their price objective on Red Rock Resorts from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings upgraded Red Rock Resorts from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and a consensus price target of $70.50.

Red Rock Resorts Stock Performance

RRR traded up $0.22 on Monday, hitting $55.26. The company had a trading volume of 100,941 shares, compared to its average volume of 790,271. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 2.29 and a beta of 1.48. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74. The company’s fifty day moving average price is $60.27 and its 200 day moving average price is $59.76. Red Rock Resorts has a 1-year low of $35.09 and a 1-year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The company had revenue of $511.78 million for the quarter, compared to the consensus estimate of $500.90 million. During the same quarter last year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. Equities analysts predict that Red Rock Resorts will post 1.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Rock Resorts

A number of hedge funds and other institutional investors have recently made changes to their positions in RRR. Hsbc Holdings PLC increased its stake in Red Rock Resorts by 34.8% in the fourth quarter. Hsbc Holdings PLC now owns 32,355 shares of the company’s stock valued at $2,007,000 after acquiring an additional 8,357 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after purchasing an additional 481 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Red Rock Resorts during the fourth quarter valued at approximately $201,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Red Rock Resorts by 2.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 323,267 shares of the company’s stock valued at $20,027,000 after purchasing an additional 6,464 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Red Rock Resorts by 345.6% in the 4th quarter. Invesco Ltd. now owns 1,054,086 shares of the company’s stock valued at $65,301,000 after purchasing an additional 817,524 shares during the period. 47.84% of the stock is owned by institutional investors.

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.