Informed Momentum Co LLC Makes New Investment in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Key Points

• Informed Momentum Co LLC acquired a new position in Monarch Casino & Resort, purchasing 41,128 shares valued at approximately $3.2 million, increasing its ownership to 0.22% of the company.
• Monarch Casino recently reported a quarterly EPS of $1.44, beating analyst estimates, and had a net margin of 18.70% with revenues of $136.91 million for the quarter.
• Analysts have projected growth for Monarch Casino, with a consensus rating of "Hold" and an average price target of $93.20, while Truist Financial has set a price target of $105.00 with a "buy" recommendation.

Informed Momentum Co LLC bought a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 41,128 shares of the company's stock, valued at approximately $3,198,000. Informed Momentum Co LLC owned approximately 0.22% of Monarch Casino & Resort at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. LPL Financial LLC lifted its stake in Monarch Casino & Resort by 47.0% in the 4th quarter. LPL Financial LLC now owns 6,737 shares of the company's stock worth $532,000 after purchasing an additional 2,155 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Monarch Casino & Resort by 3.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 6,766 shares of the company's stock valued at $526,000 after buying an additional 254 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Monarch Casino & Resort by 45.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 11,075 shares of the company's stock valued at $861,000 after buying an additional 3,467 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Monarch Casino & Resort by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock valued at $104,000 after buying an additional 666 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of Monarch Casino & Resort by 45.3% during the 4th quarter. Deutsche Bank AG now owns 11,160 shares of the company's stock valued at $881,000 after buying an additional 3,477 shares in the last quarter. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Monarch Casino & Resort Stock Up 0.6%

Shares of MCRI traded up $0.61 during trading hours on Thursday, reaching $101.72. 76,522 shares of the company traded hands, compared to its average volume of 112,888. Monarch Casino & Resort, Inc. has a 12 month low of $69.99 and a 12 month high of $113.88. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 19.12 and a beta of 1.56. The company's fifty day moving average price is $92.75 and its two-hundred day moving average price is $86.08.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. The company had revenue of $136.91 million during the quarter, compared to analysts' expectations of $129.76 million. On average, analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MCRI shares. Stifel Nicolaus raised their price objective on shares of Monarch Casino & Resort from $81.00 to $92.00 and gave the company a "hold" rating in a research report on Thursday, July 17th. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Truist Financial raised their price objective on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Wells Fargo & Company raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their target price for the company from $83.00 to $89.00 in a report on Thursday, July 17th. Finally, Macquarie reissued a "neutral" rating and issued a $92.00 price target on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $93.20.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total transaction of $211,560.00. Following the completion of the transaction, the chief executive officer directly owned 560,110 shares of the company's stock, valued at $59,248,435.80. This trade represents a 0.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Craig F. Sullivan sold 12,200 shares of Monarch Casino & Resort stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $105.55, for a total transaction of $1,287,710.00. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.