Ritholtz Wealth Management Increases Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Ritholtz Wealth Management significantly increased its position in Monarch Casino & Resort by 56.5% during the 2nd quarter, now holding 31,529 shares valued at approximately $2.7 million.
• Analysts have mixed ratings for the stock, with some raising their price targets; the average rating is currently "Hold," with a consensus target price of $93.20.
• Insider activity includes a sale of 12,200 shares by Director Craig F. Sullivan, with the stock currently trading at about $95.23, reflecting a 1.1% decrease.

Ritholtz Wealth Management boosted its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 56.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,529 shares of the company's stock after acquiring an additional 11,389 shares during the period. Ritholtz Wealth Management owned 0.17% of Monarch Casino & Resort worth $2,725,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MCRI. SG Americas Securities LLC grew its stake in Monarch Casino & Resort by 58.3% during the 1st quarter. SG Americas Securities LLC now owns 7,642 shares of the company's stock valued at $594,000 after acquiring an additional 2,813 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in 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 acquiring an additional 3,467 shares in the last quarter. Bessemer Group Inc. grew its stake in Monarch Casino & Resort by 1,700.8% during the 1st quarter. Bessemer Group Inc. now owns 2,125 shares of the company's stock valued at $165,000 after acquiring an additional 2,007 shares in the last quarter. Golden State Wealth Management LLC grew its stake in 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 acquiring an additional 666 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in 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 acquiring an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on MCRI shares. Truist Financial increased their price target 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. Weiss Ratings reissued a "buy (b)" rating on shares of Monarch Casino & Resort in a research note on Tuesday. Stifel Nicolaus increased their price target 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. 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. Finally, Zacks Research cut shares of Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $93.20.

Insiders Place Their Bets

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total transaction of $1,287,710.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John Farahi sold 2,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 560,110 shares in the company, valued at approximately $59,248,435.80. This trade represents 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 Stock Down 1.1%

NASDAQ:MCRI opened at $95.23 on Thursday. The stock's fifty day moving average is $101.79 and its two-hundred day moving average is $90.87. Monarch Casino & Resort, Inc. has a 52 week low of $69.99 and a 52 week high of $113.88. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 17.90 and a beta of 1.49.

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, topping analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%.The company had revenue of $136.91 million for the quarter, compared to analysts' expectations of $129.76 million. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

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.

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