Truist Financial Issues Positive Forecast for Monarch Casino & Resort (NASDAQ:MCRI) Stock Price

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective raised by research analysts at Truist Financial from $120.00 to $125.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 26.80% from the company’s previous close.

Several other brokerages have also recently commented on MCRI. Jefferies Financial Group reiterated a “hold” rating and issued a $112.00 price target on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Wells Fargo & Company boosted their price target on shares of Monarch Casino & Resort from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Finally, Zacks Research cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Two equities 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, Monarch Casino & Resort has a consensus rating of “Hold” and a consensus price target of $105.60.

Monarch Casino & Resort Stock Performance

MCRI opened at $98.58 on Wednesday. Monarch Casino & Resort has a fifty-two week low of $74.39 and a fifty-two week high of $113.88. The firm’s fifty day moving average is $97.14 and its 200 day moving average is $95.69. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 18.15 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.15 by $0.37. The business had revenue of $136.55 million for the quarter, compared to analysts’ expectations of $128.49 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. The business’s revenue was up 8.9% on a year-over-year basis. On average, equities research analysts predict that Monarch Casino & Resort will post 5.95 earnings per share for the current year.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 2,000 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $99.00, for a total value of $198,000.00. Following the sale, the chief executive officer directly owned 536,304 shares in the company, valued at $53,094,096. The trade was a 0.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 25.52% of the stock is currently owned by company insiders.

Institutional Trading of Monarch Casino & Resort

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Monarch Casino & Resort by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock worth $98,609,000 after buying an additional 5,667 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Monarch Casino & Resort by 4.3% in the 3rd quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock worth $52,010,000 after buying an additional 20,328 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Monarch Casino & Resort by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock worth $37,983,000 after buying an additional 10,890 shares during the last quarter. Tributary Capital Management LLC increased its holdings in shares of Monarch Casino & Resort by 57.8% in the 3rd quarter. Tributary Capital Management LLC now owns 389,306 shares of the company’s stock worth $41,204,000 after buying an additional 142,621 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock worth $18,601,000 after buying an additional 53,745 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors.

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.