Red Rock Resorts, Inc. (NASDAQ:RRR) Sees Large Increase in Short Interest

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 2,320,000 shares, a growth of 20.2% from the September 30th total of 1,930,000 shares. Currently, 4.6% of the company's stock are sold short. Based on an average daily volume of 471,900 shares, the short-interest ratio is presently 4.9 days.

Insider Activity

In other Red Rock Resorts news, CEO Frank J. Fertitta III acquired 67,000 shares of Red Rock Resorts stock in a transaction dated Thursday, August 1st. The stock was purchased at an average cost of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,914,301 shares of the company's stock, valued at $2,501,870,261.49. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Lorenzo J. Fertitta acquired 33,000 shares of the business's stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the acquisition, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank J. Fertitta III bought 67,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was purchased at an average price of $54.49 per share, with a total value of $3,650,830.00. Following the acquisition, the chief executive officer now 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 disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 200,000 shares of company stock worth $10,426,000. Company insiders own 53.28% of the company's stock.

Institutional Trading of Red Rock Resorts

Hedge funds and other institutional investors have recently bought and sold shares of the company. Edgestream Partners L.P. bought a new position in shares of Red Rock Resorts during the first quarter valued at about $1,238,000. BNP Paribas Financial Markets lifted its position in Red Rock Resorts by 35.5% in the first quarter. BNP Paribas Financial Markets now owns 32,080 shares of the company's stock valued at $1,919,000 after purchasing an additional 8,402 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Red Rock Resorts by 24.9% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 944,340 shares of the company's stock valued at $56,491,000 after purchasing an additional 188,095 shares during the period. Nicholas Investment Partners LP bought a new position in shares of Red Rock Resorts in the second quarter worth approximately $5,336,000. Finally, Lisanti Capital Growth LLC purchased a new position in shares of Red Rock Resorts in the first quarter worth $2,260,000. Hedge funds and other institutional investors own 47.84% of the company's stock.

Red Rock Resorts Price Performance

RRR traded down $1.57 on Wednesday, reaching $53.10. The company had a trading volume of 525,917 shares, compared to its average volume of 463,391. Red Rock Resorts has a 52-week low of $37.82 and a 52-week high of $63.28. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 5.54 and a beta of 2.04. The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. The business has a 50 day simple moving average of $54.23 and a 200 day simple moving average of $54.20.

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 (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The company had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. During the same period in the previous year, the business earned $0.65 earnings per share. The firm's quarterly revenue was up 16.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Red Rock Resorts will post 1.63 EPS for the current year.

Wall Street Analyst Weigh In

RRR has been the subject of a number of recent analyst reports. Barclays upped their price objective on Red Rock Resorts from $63.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. Macquarie raised their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an "outperform" rating in a report on Wednesday, July 24th. Wells Fargo & Company dropped their target price on shares of Red Rock Resorts from $64.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 17th. JMP Securities restated a "market outperform" rating and set a $65.00 price target on shares of Red Rock Resorts in a research note on Monday, October 14th. Finally, Truist Financial dropped their price objective on Red Rock Resorts from $63.00 to $58.00 and set a "hold" rating on the stock in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Red Rock Resorts currently has an average rating of "Moderate Buy" and an average target price of $62.58.

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.