Monarch Casino & Resort (NASDAQ:MCRI) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Monarch Casino & Resort (NASDAQ:MCRI - Free Report) in a report released on Monday, MarketBeat.com reports. The firm issued an underweight rating and a $79.00 target price on the stock.

Other research analysts have also recently issued reports about the company. StockNews.com upgraded Monarch Casino & Resort from a "buy" rating to a "strong-buy" rating in a research note on Thursday, November 28th. Stifel Nicolaus increased their target price 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. Finally, Truist Financial lifted their target price 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, three have given a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $78.50.

Monarch Casino & Resort Stock Down 4.8 %

NASDAQ:MCRI traded down $4.19 on Monday, reaching $83.05. The company's stock had a trading volume of 204,128 shares, compared to its average volume of 120,539. 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 moving average price of $81.27 and a 200 day moving average price of $75.37. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 19.30 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.10. The firm had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same period in the previous year, the firm earned $1.38 EPS. Equities research analysts expect that Monarch Casino & Resort will post 4.72 EPS for the current fiscal year.

Institutional Trading of Monarch Casino & Resort

Several hedge funds have recently added to or reduced their stakes in MCRI. SG Americas Securities LLC acquired a new stake in shares of Monarch Casino & Resort in the 2nd quarter valued at $751,000. American Century Companies Inc. increased its holdings in Monarch Casino & Resort by 17.3% in the second quarter. American Century Companies Inc. now owns 313,682 shares of the company's stock valued at $21,371,000 after buying an additional 46,323 shares during the last quarter. Versor Investments LP acquired a new stake in Monarch Casino & Resort in the third quarter valued at $230,000. Marshall Wace LLP purchased a new stake in Monarch Casino & Resort during the 2nd quarter worth about $298,000. Finally, Wellington Management Group LLP boosted its position in shares of Monarch Casino & Resort by 3.9% during the 3rd quarter. Wellington Management Group LLP now owns 219,625 shares of the company's stock worth $17,410,000 after acquiring an additional 8,283 shares in the last quarter. Institutional investors and hedge funds own 62.37% of the company's stock.

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.