Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Down - Here's What Happened

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $87.24, but opened at $85.18. Monarch Casino & Resort shares last traded at $83.90, with a volume of 12,202 shares trading hands.

Analyst Upgrades and Downgrades

MCRI has been the subject of several analyst reports. Truist Financial boosted their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a "hold" rating in a report on Wednesday, October 23rd. StockNews.com raised Monarch Casino & Resort from a "buy" rating to a "strong-buy" rating in a report on Thursday, November 28th. Wells Fargo & Company initiated coverage on Monarch Casino & Resort in a report on Monday. They issued an "underweight" rating and a $79.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a "hold" rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of "Hold" and an average target price of $78.50.

Monarch Casino & Resort Trading Down 4.8 %

The company has a market cap of $1.53 billion, a price-to-earnings ratio of 19.30 and a beta of 1.72. The business has a fifty day moving average of $81.27 and a two-hundred day moving average of $75.37.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.10. The company 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 firm posted $1.38 EPS. On average, research analysts forecast that Monarch Casino & Resort, Inc. will post 4.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Monarch Casino & Resort

Several large investors have recently bought and sold shares of the company. Franklin Resources Inc. increased its stake 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 increased its stake in 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 in the last quarter. Jane Street Group LLC increased its stake in Monarch Casino & Resort by 518.8% during the 3rd quarter. Jane Street Group LLC now owns 117,072 shares of the company's stock worth $9,280,000 after buying an additional 98,153 shares in the last quarter. Wellington Management Group LLP increased its stake in 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 buying an additional 8,283 shares in the last quarter. Finally, Weiss Asset Management LP increased its stake in Monarch Casino & Resort by 1,289.7% during the 3rd quarter. Weiss Asset Management LP now owns 79,212 shares of the company's stock worth $6,279,000 after buying an additional 73,512 shares in the last quarter. 62.37% of the stock is currently owned by hedge funds and other 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.