Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by StockNews.com to Buy

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was downgraded by equities researchers at StockNews.com from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.

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

Monarch Casino & Resort Price Performance

MCRI traded down $0.89 during trading hours on Tuesday, hitting $82.16. 119,012 shares of the stock were exchanged, compared to its average volume of 120,533. Monarch Casino & Resort has a 12 month low of $64.50 and a 12 month high of $89.06. The stock has a 50-day simple moving average of $81.40 and a 200-day simple moving average of $75.48. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 18.18 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $137.87 million for the quarter, compared to analysts' expectations of $134.50 million. During the same period last year, the business posted $1.38 earnings per share. Sell-side analysts expect that Monarch Casino & Resort will post 4.72 EPS for the current year.

Institutional Investors Weigh In On Monarch Casino & Resort

Large investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its position in Monarch Casino & Resort by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 8,822 shares of the company's stock worth $665,000 after buying an additional 597 shares in the last quarter. Barclays PLC grew its position in shares of Monarch Casino & Resort by 108.2% during the 3rd quarter. Barclays PLC now owns 33,508 shares of the company's stock worth $2,656,000 after buying an additional 17,413 shares during the period. Jane Street Group LLC increased its stake in Monarch Casino & Resort by 518.8% in the third quarter. Jane Street Group LLC now owns 117,072 shares of the company's stock valued at $9,280,000 after purchasing an additional 98,153 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Monarch Casino & Resort by 3.9% in the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company's stock valued at $17,410,000 after buying an additional 8,283 shares in the last quarter. Finally, Weiss Asset Management LP increased its holdings in shares of Monarch Casino & Resort by 1,289.7% in the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company's stock worth $6,279,000 after acquiring an additional 73,512 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

About Monarch Casino & Resort

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.

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