Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Up After Analyst Upgrade

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) shares gapped up prior to trading on Thursday after Stifel Nicolaus raised their price target on the stock from $72.00 to $77.00. The stock had previously closed at $73.64, but opened at $78.49. Stifel Nicolaus currently has a hold rating on the stock. Monarch Casino & Resort shares last traded at $76.50, with a volume of 2,238 shares changing hands.

A number of other research analysts have also commented on the stock. Truist Financial upped their price target on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a "hold" rating in a research note on Wednesday. StockNews.com upgraded shares of Monarch Casino & Resort from a "buy" rating to a "strong-buy" rating in a research note on Monday. Finally, Macquarie reiterated a "neutral" rating and issued a $76.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 25th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Financial Management Professionals Inc. bought a new position in shares of Monarch Casino & Resort during the third quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in shares of Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company's stock worth $37,000 after purchasing an additional 178 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Monarch Casino & Resort during the second quarter worth approximately $53,000. Canada Pension Plan Investment Board bought a new position in shares of Monarch Casino & Resort during the second quarter worth approximately $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company's stock worth $185,000 after purchasing an additional 1,221 shares during the period. 62.37% of the stock is owned by institutional investors.

Monarch Casino & Resort Stock Up 6.5 %

The company's fifty day moving average price is $75.90 and its 200 day moving average price is $71.52. The company has a market capitalization of $1.47 billion, a P/E ratio of 18.54 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.08. The business had revenue of $128.14 million for the quarter, compared to analyst estimates of $126.03 million. Monarch Casino & Resort had a net margin of 16.31% and a return on equity of 17.05%. Research analysts predict that Monarch Casino & Resort, Inc. will post 4.62 earnings per share for the current fiscal year.

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.