Zacks Research Downgrades Monarch Casino & Resort (NASDAQ:MCRI) to Hold

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $112.00 price target on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Wells Fargo & Company raised their price target on shares of Monarch Casino & Resort from $92.00 to $93.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $99.80.

Monarch Casino & Resort Stock Up 3.8%

Shares of MCRI stock traded up $3.74 during trading hours on Monday, hitting $101.90. 10,375 shares of the company’s stock traded hands, compared to its average volume of 114,971. The stock’s 50 day simple moving average is $96.30 and its 200 day simple moving average is $96.10. The stock has a market cap of $1.82 billion, a PE ratio of 18.77 and a beta of 1.30. Monarch Casino & Resort has a 12 month low of $69.99 and a 12 month high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.12). The business had revenue of $140.00 million for the quarter, compared to the consensus estimate of $139.39 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. Monarch Casino & Resort’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.22 EPS. As a group, equities research analysts expect that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction on Monday, March 16th. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00. Following the completion of the transaction, the chief executive officer owned 536,304 shares of the company’s stock, valued at $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 25.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC grew its holdings in Monarch Casino & Resort by 26.1% in the fourth quarter. Hsbc Holdings PLC now owns 6,269 shares of the company’s stock worth $599,000 after purchasing an additional 1,299 shares during the period. Aristides Capital LLC grew its holdings in Monarch Casino & Resort by 18.6% in the fourth quarter. Aristides Capital LLC now owns 3,174 shares of the company’s stock worth $304,000 after purchasing an additional 498 shares during the period. Pacer Advisors Inc. grew its holdings in Monarch Casino & Resort by 2,489.3% in the fourth quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock worth $4,815,000 after purchasing an additional 48,368 shares during the period. Invesco Ltd. grew its holdings in Monarch Casino & Resort by 38.2% in the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock worth $18,601,000 after purchasing an additional 53,745 shares during the period. Finally, Vident Advisory LLC grew its holdings in Monarch Casino & Resort by 0.7% in the fourth quarter. Vident Advisory LLC now owns 30,535 shares of the company’s stock worth $2,922,000 after purchasing an additional 218 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Company Profile

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.