Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $70.00

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by equities research analysts at Bank of America from $60.00 to $70.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s target price points to a potential upside of 7.16% from the company’s current price.

A number of other research firms also recently issued reports on RRR. Weiss Ratings upgraded Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. The Goldman Sachs Group restated a “buy” rating and set a $73.00 target price on shares of Red Rock Resorts in a research report on Wednesday. Citizens Jmp cut their price objective on shares of Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a research report on Thursday, April 30th. JPMorgan Chase & Co. raised their target price on Red Rock Resorts from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Finally, Wall Street Zen upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Fourteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.24.

Red Rock Resorts Stock Performance

RRR stock traded up $0.57 on Monday, hitting $65.32. The company had a trading volume of 117,202 shares, compared to its average volume of 822,569. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 14.42. Red Rock Resorts has a 12-month low of $50.52 and a 12-month high of $68.99. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 21.06, a P/E/G ratio of 4.90 and a beta of 1.35. The stock’s 50-day simple moving average is $59.92 and its 200 day simple moving average is $59.64.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.17). Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The firm had revenue of $507.32 million for the quarter, compared to the consensus estimate of $505.63 million. During the same period in the previous year, the company earned $0.75 earnings per share. Red Rock Resorts’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities research analysts expect that Red Rock Resorts will post 1.53 earnings per share for the current fiscal year.

Institutional Trading of Red Rock Resorts

A number of large investors have recently made changes to their positions in RRR. Arrowstreet Capital Limited Partnership increased its position in shares of Red Rock Resorts by 2,248.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock valued at $82,715,000 after purchasing an additional 1,296,956 shares during the last quarter. Invesco Ltd. boosted its stake in Red Rock Resorts by 345.6% during the fourth quarter. Invesco Ltd. now owns 1,054,086 shares of the company’s stock worth $65,301,000 after buying an additional 817,524 shares during the period. Wellington Management Group LLP bought a new position in Red Rock Resorts during the fourth quarter valued at $45,724,000. State Street Corp lifted its holdings in shares of Red Rock Resorts by 62.1% in the 4th quarter. State Street Corp now owns 1,814,812 shares of the company’s stock worth $112,428,000 after acquiring an additional 695,575 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Red Rock Resorts by 656.8% in the 4th quarter. Millennium Management LLC now owns 373,038 shares of the company’s stock worth $23,110,000 after acquiring an additional 323,749 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Company Profile

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.