Petrus Trust Company LTA Makes New $217,000 Investment in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Petrus Trust Company LTA has acquired a new stake in Monarch Casino & Resort, Inc., purchasing 2,791 shares valued at approximately $217,000 in Q1 2023.
• The stock opened at $102.08, with a market capitalization of $1.87 billion and a P/E ratio of 19.19.
• Analysts have upgraded their ratings, with several firms raising their price targets for the stock, indicating a shift towards a buy rating.

Petrus Trust Company LTA purchased a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,791 shares of the company's stock, valued at approximately $217,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Monarch Casino & Resort by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company's stock valued at $592,000 after purchasing an additional 316 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Monarch Casino & Resort during the first quarter valued at approximately $5,904,000. AQR Capital Management LLC lifted its stake in shares of Monarch Casino & Resort by 36.0% during the first quarter. AQR Capital Management LLC now owns 57,731 shares of the company's stock valued at $4,489,000 after buying an additional 15,295 shares during the period. Trexquant Investment LP lifted its stake in shares of Monarch Casino & Resort by 726.4% during the first quarter. Trexquant Investment LP now owns 37,289 shares of the company's stock valued at $2,899,000 after buying an additional 32,777 shares during the period. Finally, Ieq Capital LLC purchased a new position in shares of Monarch Casino & Resort during the first quarter valued at approximately $366,000. Hedge funds and other institutional investors own 62.37% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wells Fargo & Company raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $83.00 to $89.00 in a research note on Thursday, July 17th. Stifel Nicolaus upped 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 note on Thursday, July 17th. Truist Financial upped 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 note on Wednesday, July 16th. Finally, Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $93.20.

Monarch Casino & Resort Price Performance

NASDAQ:MCRI traded down $0.67 during trading hours on Monday, reaching $103.43. 11,456 shares of the company were exchanged, compared to its average volume of 109,628. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 19.44 and a beta of 1.49. Monarch Casino & Resort, Inc. has a 52-week low of $69.99 and a 52-week high of $113.88. The stock has a 50 day simple moving average of $100.35 and a 200 day simple moving average of $88.22.

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

Insider Buying and Selling at Monarch Casino & Resort

In other news, Director Craig F. Sullivan sold 12,200 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total transaction of $211,560.00. Following the sale, the chief executive officer directly owned 560,110 shares of the company's stock, valued at approximately $59,248,435.80. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.52% of the stock is owned by corporate insiders.

Monarch Casino & Resort Profile

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.