Red Rock Resorts (NASDAQ:RRR) Given New $71.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Red Rock Resorts’ price target from $72 to $71 while maintaining an “overweight” rating, implying roughly 42.5% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $71.83 from 21 analysts.
• Red Rock Resorts reported quarterly earnings of $0.67 per share, beating estimates of $0.51, while revenue reached $510.26 million despite declining 3% year over year.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its target price dropped by research analysts at JPMorgan Chase & Co. from $72.00 to $71.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 42.48% from the stock's previous close.

Several other research firms have also recently commented on RRR. Capital One Financial raised shares of Red Rock Resorts to a "buy" rating in a research note on Wednesday, September 9th. Truist Financial boosted their price target on shares of Red Rock Resorts from $68.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. UBS Group set a $75.00 price target on shares of Red Rock Resorts in a research note on Thursday, July 2nd. Bank of America increased their price objective on shares of Red Rock Resorts from $60.00 to $70.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Finally, Wolfe Research initiated coverage on shares of Red Rock Resorts in a research note on Wednesday, September 2nd. They set an "outperform" rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Red Rock Resorts presently has an average rating of "Moderate Buy" and a consensus target price of $71.83.

Red Rock Resorts Stock Performance

Shares of NASDAQ:RRR traded down $0.06 on Tuesday, hitting $49.83. The company's stock had a trading volume of 293,006 shares, compared to its average volume of 850,484. Red Rock Resorts has a 12 month low of $47.49 and a 12 month high of $68.99. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 4.04 and a beta of 1.40. The stock's 50-day moving average is $54.76 and its two-hundred day moving average is $57.73. The company has a debt-to-equity ratio of 12.33, a quick ratio of 0.63 and a current ratio of 0.68.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.16. The business had revenue of $510.26 million for the quarter, compared to analysts' expectations of $500.08 million. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The company's revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. On average, equities research analysts forecast that Red Rock Resorts will post 1.54 EPS for the current year.

Insider Buying and Selling

In other Red Rock Resorts news, President Scott Kreeger sold 31,159 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the sale, the president directly owned 203,881 shares in the company, valued at approximately $12,595,768.18. The trade was a 13.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 54.34% of the company's stock.

Hedge Funds Weigh In On Red Rock Resorts

Several large investors have recently made changes to their positions in the business. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Red Rock Resorts in the 2nd quarter valued at $120,743,000. Renaissance Technologies LLC lifted its stake in Red Rock Resorts by 204.7% during the first quarter. Renaissance Technologies LLC now owns 300,400 shares of the company's stock valued at $16,029,000 after buying an additional 201,800 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Red Rock Resorts by 24.1% in the 1st quarter. Principal Financial Group Inc. now owns 287,633 shares of the company's stock valued at $15,348,000 after acquiring an additional 55,845 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Red Rock Resorts by 168.3% in the 1st quarter. Hsbc Holdings PLC now owns 86,798 shares of the company's stock valued at $4,642,000 after acquiring an additional 54,443 shares in the last quarter. Finally, Orvieto Partners L.P. acquired a new position in Red Rock Resorts in the 1st quarter worth approximately $2,668,000. Institutional investors own 47.84% of the company's stock.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.

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