Texas Capital Upgrades Monarch Casino & Resort (NASDAQ:MCRI) to Strong-Buy

Key Points

• Texas Capital upgraded Monarch Casino & Resort to “strong buy,” though the broader analyst consensus remains “Hold” with an average price target of $124.40.
• Monarch reported quarterly EPS of $1.78, beating estimates of $1.68, while revenue rose 4.2% year over year to $142.6 million, slightly below expectations.
• The stock opened at $119.61, with a $2.14 billion market capitalization; institutional investors and hedge funds own 62.37% of outstanding shares.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was upgraded by Texas Capital to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

Several other analysts have also weighed in on MCRI. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a research note on Tuesday, July 21st. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Wells Fargo & Company decreased their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 21st. Jefferies Financial Group reiterated a "hold" rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Finally, Truist Financial upped their price objective on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the company a "buy" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $124.40.

Monarch Casino & Resort Price Performance

NASDAQ MCRI opened at $119.61 on Wednesday. The business has a 50 day simple moving average of $123.01 and a 200 day simple moving average of $115.29. Monarch Casino & Resort has a one year low of $88.13 and a one year high of $135.93. The stock has a market capitalization of $2.14 billion, a P/E ratio of 19.17 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. The firm had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.Monarch Casino & Resort's revenue for the quarter was up 4.2% on a year-over-year basis. Equities analysts expect that Monarch Casino & Resort will post 6.98 earnings per share for the current year.

Institutional Trading of Monarch Casino & Resort

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Monarch Casino & Resort during the second quarter worth $270,679,000. California State Teachers Retirement System lifted its stake in shares of Monarch Casino & Resort by 14,508.3% in the second quarter. California State Teachers Retirement System now owns 1,842,540 shares of the company's stock valued at $242,497,000 after buying an additional 1,829,927 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Monarch Casino & Resort by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 396,844 shares of the company's stock valued at $37,983,000 after buying an additional 10,890 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Monarch Casino & Resort by 38.2% during the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company's stock valued at $18,601,000 after buying an additional 53,745 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Monarch Casino & Resort by 23.2% during the second quarter. Wellington Management Group LLP now owns 188,715 shares of the company's stock valued at $24,837,000 after buying an additional 35,536 shares during the last quarter. Institutional investors and hedge funds own 62.37% of the company's stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company's flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property's showroom.

Monarch's revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

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