Trexquant Investment LP Has $2.90 Million Stock Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Trexquant Investment LP significantly increased its stake in Monarch Casino & Resort by 726.4%, owning 37,289 shares valued at $2.9 million after acquiring 32,777 additional shares in Q1.
• Several analysts have raised their price targets for Monarch Casino & Resort, with Truist Financial setting a new target at $105.00, indicating strong bullish sentiment.
• CEO John Farahi and Director Craig F. Sullivan both sold shares recently, with Farahi selling 2,000 shares at $105.78 and Sullivan selling 12,200 shares at $105.55, indicating possible profit-taking by insiders.

Trexquant Investment LP lifted its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 726.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,289 shares of the company's stock after purchasing an additional 32,777 shares during the quarter. Trexquant Investment LP owned 0.20% of Monarch Casino & Resort worth $2,899,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. TD Private Client Wealth LLC lifted its position in shares of Monarch Casino & Resort by 72.6% in the first quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock worth $29,000 after purchasing an additional 159 shares in the last quarter. Vestcor Inc purchased a new stake in shares of Monarch Casino & Resort in the first quarter worth approximately $58,000. Meeder Asset Management Inc. lifted its position in shares of Monarch Casino & Resort by 45.3% in the first quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company's stock worth $89,000 after purchasing an additional 355 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of Monarch Casino & Resort by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after purchasing an additional 666 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Monarch Casino & Resort by 264.7% in the first quarter. CWM LLC now owns 1,827 shares of the company's stock worth $142,000 after purchasing an additional 1,326 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MCRI shares. Wells Fargo & Company raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. 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. 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. Finally, Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Monarch Casino & Resort currently has a consensus rating of "Hold" and a consensus target price of $93.20.

Monarch Casino & Resort Stock Up 0.2%

Shares of NASDAQ:MCRI traded up $0.22 during trading on Tuesday, reaching $102.33. The stock had a trading volume of 14,412 shares, compared to its average volume of 110,166. Monarch Casino & Resort, Inc. has a 52 week low of $69.99 and a 52 week high of $113.88. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 19.21 and a beta of 1.49. The stock has a fifty day simple moving average of $99.24 and a two-hundred day simple moving average of $87.87.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 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 for the quarter, compared to analyst estimates of $129.76 million. On average, analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Insider Buying and Selling at Monarch Casino & Resort

In other news, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total value of $1,287,710.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.78, for a total transaction of $211,560.00. Following the completion of the sale, the chief executive officer owned 560,110 shares in the company, valued at approximately $59,248,435.80. The trade was a 0.36% decrease in their position. 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.