Monarch Casino & Resort (NASDAQ:MCRI) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning.

A number of other equities research analysts also recently issued reports on the company. Truist Financial boosted their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company assumed coverage on shares of Monarch Casino & Resort in a research note on Monday. They set an “underweight” rating and a $79.00 price target on the stock. Finally, Stifel Nicolaus upped their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Monarch Casino & Resort currently has an average rating of “Hold” and an average price target of $78.50.

Monarch Casino & Resort Price Performance

MCRI stock opened at $79.11 on Tuesday. The stock has a market capitalization of $1.45 billion, a P/E ratio of 17.50 and a beta of 1.72. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $89.06. The business has a fifty day moving average price of $81.57 and a 200-day moving average price of $75.62.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.10. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. The firm had revenue of $137.87 million for the quarter, compared to analysts’ expectations of $134.50 million. During the same period in the prior year, the firm earned $1.38 EPS. As a group, analysts anticipate that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Institutional Trading of Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of the company. Financial Management Professionals Inc. bought a new stake in Monarch Casino & Resort during the third quarter valued at about $30,000. GAMMA Investing LLC raised its position in shares of Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after buying an additional 178 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Monarch Casino & Resort during the second quarter worth $53,000. Canada Pension Plan Investment Board purchased a new position in Monarch Casino & Resort during the second quarter valued at $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Monarch Casino & Resort by 81.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after purchasing an additional 1,221 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.