Red Rock Resorts (NASDAQ:RRR) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Red Rock Resorts from “hold” to “sell.” Despite the downgrade, analysts overall maintained a “Moderate Buy” consensus rating and a $69.35 average price target.
• In its latest quarter, Red Rock reported a loss of $0.17 per share, missing the $0.45-per-share consensus estimate, while revenue of $488.7 million topped estimates and rose 2.8% year over year.
• The stock opened at $48.22, near its 12-month low of $46.29; its 12-month high was $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

RRR has been the topic of a number of other research reports. Capital One Financial raised shares of Red Rock Resorts to a "buy" rating in a report on Wednesday, September 9th. Mizuho set a $62.00 price target on Red Rock Resorts in a research report on Wednesday. Benchmark reissued a "buy" rating on shares of Red Rock Resorts in a research note on Monday, August 31st. Barclays increased their price target on Red Rock Resorts from $73.00 to $74.00 and gave the company an "overweight" rating in a research note on Friday, October 9th. Finally, Wells Fargo & Company reduced their price target on Red Rock Resorts from $78.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Red Rock Resorts presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.35.

Red Rock Resorts Trading Up 0.5%

NASDAQ RRR opened at $48.22 on Friday. Red Rock Resorts has a 12 month low of $46.29 and a 12 month high of $68.99. The business has a fifty day simple moving average of $51.53 and a 200 day simple moving average of $57.85. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 12.33. The firm has a market capitalization of $5.06 billion, a P/E ratio of 24.35, a PEG ratio of 4.25 and a beta of 1.42.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.45 by ($0.62). Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The company had revenue of $488.70 million during the quarter, compared to analyst estimates of $478.13 million. During the same period in the prior year, the business posted $0.68 EPS. Red Rock Resorts's revenue was up 2.8% compared to the same quarter last year. On average, analysts predict that Red Rock Resorts will post 1.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Rock Resorts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. boosted its position in Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company's stock worth $31,000 after acquiring an additional 481 shares during the last quarter. Fortitude Family Office LLC grew its position in Red Rock Resorts by 4,566.7% during the third quarter. Fortitude Family Office LLC now owns 560 shares of the company's stock worth $28,000 after buying an additional 548 shares in the last quarter. Nykredit A S acquired a new stake in Red Rock Resorts in the second quarter worth $45,000. Public Employees Retirement System of Ohio bought a new stake in shares of Red Rock Resorts during the second quarter valued at about $47,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Red Rock Resorts during the second quarter valued at about $52,000. 47.84% of the stock is owned by hedge funds and other institutional investors.

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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