Monarch Casino & Resort, Inc. $MCRI Stock Acquired by Vest Financial LLC

Key Points

• Vest Financial LLC more than doubled its Monarch Casino & Resort stake in the third quarter, acquiring 16,949 additional shares and ending the period with 32,564 shares worth approximately $3.75 million. Institutional investors collectively own 62.37% of the company.
• Analysts maintain a generally positive outlook, with Monarch holding a consensus “Moderate Buy” rating and an average price target of $124.40. Price targets range from $114 to $144, while ratings include one Strong Buy, two Buys and four Holds.
• MCRI opened at $112.68, below its 50-day and 200-day moving averages of roughly $119. The stock has traded between $88.13 and $135.93 over the past year, while CEO John Farahi recently sold 5,000 shares for $620,000.

Vest Financial LLC boosted its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 108.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,564 shares of the company's stock after buying an additional 16,949 shares during the period. Vest Financial LLC owned approximately 0.18% of Monarch Casino & Resort worth $3,745,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its position in shares of Monarch Casino & Resort by 29.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 4,246 shares of the company's stock valued at $488,000 after buying an additional 958 shares in the last quarter. Annex Advisory Services LLC boosted its position in shares of Monarch Casino & Resort by 10.4% during the 3rd quarter. Annex Advisory Services LLC now owns 16,203 shares of the company's stock worth $1,863,000 after acquiring an additional 1,521 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Monarch Casino & Resort during the 2nd quarter worth approximately $237,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Monarch Casino & Resort during the 2nd quarter worth approximately $73,000. Finally, IFP Advisors Inc increased its stake in Monarch Casino & Resort by 267.6% in the second quarter. IFP Advisors Inc now owns 261 shares of the company's stock valued at $34,000 after acquiring an additional 190 shares during the last quarter. 62.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Stifel Nicolaus boosted 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 report on Tuesday, July 21st. UBS Group set a $124.00 target price on Monarch Casino & Resort in a report on Thursday, July 2nd. Truist Financial lifted their price target on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Jefferies Financial Group reissued a "hold" rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Finally, Wells Fargo & Company lowered their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $124.40.

Monarch Casino & Resort Price Performance

MCRI stock opened at $112.68 on Friday. The company has a 50 day simple moving average of $119.11 and a 200 day simple moving average of $119.50. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 18.06 and a beta of 1.37. Monarch Casino & Resort, Inc. has a 1 year low of $88.13 and a 1 year high of $135.93.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the company's stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $124.00, for a total value of $620,000.00. Following the completion of the transaction, the chief executive officer owned 611,556 shares of the company's stock, valued at $75,832,944. This represents a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.34% of the stock is owned by corporate insiders.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc operates casino resorts in Nevada and Colorado. The company's properties combine casino gaming with hotel accommodations, dining, entertainment and other hospitality services.

Its principal properties are Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. The resorts offer gaming facilities, restaurants and bars, hotel rooms and suites, spa services, meeting spaces and entertainment options. The company primarily serves regional visitors and destination guests in the western United States.

Monarch Casino & Resort traces its history to the opening of the Atlantis in Reno in 1972.

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