Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $82.00 at Wells Fargo & Company

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) had its price objective boosted by research analysts at Wells Fargo & Company from $79.00 to $82.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential downside of 13.20% from the company's previous close.

Several other analysts have also issued reports on the company. StockNews.com lowered Monarch Casino & Resort from a "strong-buy" rating to a "buy" rating in a report on Wednesday. Truist Financial upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating and raised their target price for the company from $82.00 to $100.00 in a research note on Tuesday, January 14th. Jefferies Financial Group lifted their price target on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a "hold" rating in a report on Friday, January 3rd. Finally, Stifel Nicolaus boosted their price target on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a "hold" rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $87.20.

Monarch Casino & Resort Stock Up 0.3 %

MCRI stock traded up $0.31 during trading on Wednesday, reaching $94.47. 145,995 shares of the company's stock were exchanged, compared to its average volume of 76,687. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $96.11. The company's fifty day moving average price is $83.07 and its 200-day moving average price is $79.71. The firm has a market cap of $1.74 billion, a PE ratio of 20.90 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.23. 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 firm posted $1.03 earnings per share. As a group, sell-side analysts expect that Monarch Casino & Resort will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now directly owns 528,436 shares of the company's stock, valued at $41,059,477.20. The trade was a 0.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 24.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC acquired a new stake in Monarch Casino & Resort during the 3rd quarter worth approximately $258,000. Barclays PLC increased its holdings in shares of Monarch Casino & Resort by 108.2% during the third quarter. Barclays PLC now owns 33,508 shares of the company's stock valued at $2,656,000 after purchasing an additional 17,413 shares during the period. Wellington Management Group LLP grew its holdings in Monarch Casino & Resort by 3.9% during the third 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 during the period. Ritholtz Wealth Management acquired a new position in shares of Monarch Casino & Resort in the 4th quarter valued at $254,000. Finally, Versor Investments LP acquired a new stake in Monarch Casino & Resort during the 3rd quarter worth about $230,000. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.