Renaissance Technologies LLC Increases Position in Red Rock Resorts, Inc. $RRR

Key Points

• Renaissance Technologies increased its Red Rock Resorts stake by 204.7% in the first quarter, acquiring 201,800 additional shares for a total holding of 300,400 shares worth approximately $16 million. Institutional investors collectively own 47.84% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $71.24. JPMorgan, Goldman Sachs, and Deutsche Bank maintained or issued buy-equivalent ratings with targets of $72–$73.
• Red Rock Resorts reported quarterly revenue of $507.32 million, up 1.9% year over year and slightly above expectations, but earnings per share of $0.73 missed the $0.90 consensus estimate. Shares opened at $64.44, below the company’s 52-week high of $68.99.

Renaissance Technologies LLC lifted its stake in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 204.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 300,400 shares of the company's stock after acquiring an additional 201,800 shares during the period. Renaissance Technologies LLC owned 0.29% of Red Rock Resorts worth $16,029,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Inceptionr LLC lifted its stake in shares of Red Rock Resorts by 3.9% during the 1st quarter. Inceptionr LLC now owns 13,283 shares of the company's stock worth $709,000 after purchasing an additional 499 shares during the last quarter. Orvieto Partners L.P. purchased a new position in Red Rock Resorts in the first quarter valued at about $2,668,000. Sei Investments Co. grew its stake in Red Rock Resorts by 39.1% in the first quarter. Sei Investments Co. now owns 31,754 shares of the company's stock valued at $1,694,000 after purchasing an additional 8,928 shares during the last quarter. First Trust Advisors LP raised its holdings in Red Rock Resorts by 17.4% in the first quarter. First Trust Advisors LP now owns 89,530 shares of the company's stock worth $4,777,000 after purchasing an additional 13,275 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Red Rock Resorts by 96.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,898 shares of the company's stock worth $155,000 after purchasing an additional 1,424 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RRR has been the topic of a number of recent analyst reports. Citigroup restated an "outperform" rating on shares of Red Rock Resorts in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $72.00 price objective on shares of Red Rock Resorts in a research note on Thursday, April 30th. The Goldman Sachs Group reissued a "buy" rating and set a $73.00 target price on shares of Red Rock Resorts in a research report on Wednesday, July 15th. Wall Street Zen upgraded shares of Red Rock Resorts from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, JPMorgan Chase & Co. raised their target price on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Fourteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Red Rock Resorts presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.24.

Red Rock Resorts Trading Down 0.8%

Red Rock Resorts stock opened at $64.44 on Friday. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. The stock has a market cap of $6.77 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 4.77 and a beta of 1.35. The stock has a 50-day moving average of $62.34 and a two-hundred day moving average of $59.82. Red Rock Resorts, Inc. has a one year low of $50.52 and a one year high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing analysts' consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The business had revenue of $507.32 million for the quarter, compared to analysts' expectations of $505.63 million. During the same quarter in the previous year, the firm posted $0.75 EPS. Red Rock Resorts's revenue was up 1.9% on a year-over-year basis. On average, research analysts anticipate that Red Rock Resorts, Inc. will post 1.52 EPS for the current fiscal year.

About Red Rock Resorts

Red Rock Resorts, Inc NASDAQ: RRR is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company's flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.

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