Truist Financial Lowers Red Rock Resorts (NASDAQ:RRR) Price Target to $58.00

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its target price cut by equities researchers at Truist Financial from $63.00 to $58.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's target price indicates a potential upside of 15.35% from the company's current price.

Other analysts also recently issued research reports about the company. Morgan Stanley raised their price objective on Red Rock Resorts from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. raised their target price on Red Rock Resorts from $62.00 to $69.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 24th. Stifel Nicolaus raised their target price on Red Rock Resorts from $59.00 to $62.00 and gave the stock a "hold" rating in a research report on Wednesday, July 24th. Susquehanna raised their target price on Red Rock Resorts from $63.00 to $70.00 and gave the stock a "positive" rating in a research report on Wednesday, July 24th. Finally, Barclays raised their target price on Red Rock Resorts from $63.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $62.58.

Red Rock Resorts Stock Performance

NASDAQ:RRR traded down $1.24 during mid-day trading on Wednesday, hitting $50.28. 601,437 shares of the company's stock traded hands, compared to its average volume of 461,737. The firm has a 50 day moving average of $54.53 and a two-hundred day moving average of $54.50. Red Rock Resorts has a 12 month low of $37.82 and a 12 month high of $63.28. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 5.43 and a beta of 2.04. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The firm had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same quarter in the prior year, the company earned $0.65 EPS. The firm's revenue for the quarter was up 16.9% compared to the same quarter last year. On average, equities analysts forecast that Red Rock Resorts will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Lorenzo J. Fertitta acquired 33,000 shares of Red Rock Resorts stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $49.77 per share, with a total value of $1,642,410.00. Following the purchase, the vice president now directly owns 47,546,301 shares of the company's stock, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Frank J. Fertitta III acquired 67,000 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, August 1st. The shares were acquired at an average price of $54.49 per share, with a total value of $3,650,830.00. Following the purchase, the chief executive officer now directly owns 45,914,301 shares of the company's stock, valued at $2,501,870,261.49. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of Red Rock Resorts stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $49.77 per share, for a total transaction of $1,642,410.00. Following the purchase, the vice president now directly owns 47,546,301 shares in the company, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 200,000 shares of company stock valued at $10,426,000. 53.28% of the stock is currently owned by insiders.

Institutional Trading of Red Rock Resorts

Hedge funds have recently bought and sold shares of the stock. Bamco Inc. NY raised its holdings in shares of Red Rock Resorts by 0.5% in the first quarter. Bamco Inc. NY now owns 10,409,100 shares of the company's stock valued at $622,672,000 after purchasing an additional 50,246 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company's stock valued at $307,292,000 after purchasing an additional 209,593 shares during the last quarter. Eminence Capital LP raised its holdings in shares of Red Rock Resorts by 23.7% in the second quarter. Eminence Capital LP now owns 1,952,754 shares of the company's stock valued at $107,265,000 after purchasing an additional 374,128 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Red Rock Resorts by 26.7% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company's stock valued at $65,706,000 after purchasing an additional 251,855 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Red Rock Resorts by 6.6% in the second quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company's stock valued at $22,200,000 after purchasing an additional 24,992 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.