Red Rock Resorts (NASDAQ:RRR) Given New $71.00 Price Target at JPMorgan Chase & Co.

Red Rock Resorts (NASDAQ:RRR) had its price target dropped by investment analysts at JPMorgan Chase & Co. from $72.00 to $71.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 42.48% from the stock’s previous close.

Several other equities analysts have also recently weighed in on RRR. Wolfe Research assumed coverage on Red Rock Resorts in a research note on Wednesday, September 2nd. They set an “outperform” rating and a $73.00 target price on the stock. Wall Street Zen raised shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Morgan Stanley decreased their price target on shares of Red Rock Resorts from $61.00 to $59.00 and set an “equal weight” rating for the company in a report on Monday. Stifel Nicolaus set a $74.00 price objective on shares of Red Rock Resorts in a research report on Wednesday, August 5th. Finally, Citizens Jmp boosted their price objective on shares of Red Rock Resorts from $69.00 to $71.00 and gave the company a “market outperform” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.83.

Red Rock Resorts Stock Down 0.1%

Shares of RRR stock traded down $0.06 on Tuesday, reaching $49.83. 293,006 shares of the company’s stock traded hands, compared to its average volume of 850,484. Red Rock Resorts has a 12-month low of $47.49 and a 12-month high of $68.99. The company has a debt-to-equity ratio of 12.33, a quick ratio of 0.63 and a current ratio of 0.68. The company has a market capitalization of $5.23 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 4.04 and a beta of 1.40. The business’s 50 day moving average price is $54.76 and its two-hundred day moving average price is $57.73.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.16. The firm had revenue of $510.26 million during the quarter, compared to the consensus estimate of $500.08 million. Red Rock Resorts had a return on equity of 56.19% and a net margin of 8.43%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. On average, equities analysts forecast that Red Rock Resorts will post 1.54 earnings per share for the current year.

Insider Transactions at Red Rock Resorts

In other Red Rock Resorts news, President Scott Kreeger sold 31,159 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $61.78, for a total value of $1,925,003.02. Following the transaction, the president owned 203,881 shares in the company, valued at $12,595,768.18. The trade was a 13.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 54.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RRR. Rockefeller Capital Management L.P. lifted its holdings in shares of Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after buying an additional 481 shares during the last quarter. Fortitude Family Office LLC grew its stake in shares of Red Rock Resorts by 4,566.7% in the 3rd quarter. Fortitude Family Office LLC now owns 560 shares of the company’s stock valued at $28,000 after buying an additional 548 shares in the last quarter. Nykredit A S bought a new stake in shares of Red Rock Resorts in the 2nd quarter valued at approximately $45,000. Public Employees Retirement System of Ohio acquired a new position in Red Rock Resorts in the second quarter worth approximately $47,000. Finally, Ameritas Advisory Services LLC acquired a new position in Red Rock Resorts in the second quarter worth approximately $52,000. 47.84% of the stock is owned by institutional investors and hedge funds.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.