Jefferies Financial Group Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its target price hoisted by Jefferies Financial Group from $73.00 to $88.00 in a report released on Friday,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 17th. Wells Fargo & Company assumed coverage on Monarch Casino & Resort in a research report on Monday, December 16th. They issued an “underweight” rating and a $79.00 price objective for the company. Stifel Nicolaus increased their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Finally, Truist Financial increased their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $80.40.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI opened at $78.24 on Friday. The stock’s 50 day moving average price is $82.13 and its 200 day moving average price is $76.61. Monarch Casino & Resort has a 52 week low of $64.50 and a 52 week high of $89.06. The company has a market capitalization of $1.44 billion, a P/E ratio of 17.31 and a beta of 1.73.

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

Institutional Inflows and Outflows

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

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.