Insider Selling: Monarch Casino & Resort (NASDAQ:MCRI) CEO Sells $604,200.00 in Stock

Key Points

• CEO John Farahi sold 5,000 shares of Monarch Casino & Resort at an average price of $120.84, totaling $604,200. After the sale, he still owned 616,556 shares worth about $74.5 million.
• Monarch Casino shares were slightly lower on the day, down 0.4% to $120.26, near their 52-week high of $122.52.
• The company recently beat earnings expectations, reporting quarterly EPS of $1.52 versus the $1.15 consensus and revenue of $136.55 million, up 8.9% from a year earlier.

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) CEO John Farahi sold 5,000 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the transaction, the chief executive officer owned 616,556 shares of the company's stock, valued at $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

John Farahi also recently made the following trade(s):

• On Monday, March 16th, John Farahi sold 2,000 shares of Monarch Casino & Resort stock. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00.
• On Tuesday, March 10th, John Farahi sold 1,000 shares of Monarch Casino & Resort stock. The shares were sold at an average price of $97.43, for a total transaction of $97,430.00.

Monarch Casino & Resort Stock Down 0.4%

Shares of Monarch Casino & Resort stock traded down $0.54 on Friday, reaching $120.26. The stock had a trading volume of 136,216 shares, compared to its average volume of 125,780. The stock has a market capitalization of $2.13 billion, a P/E ratio of 20.38 and a beta of 1.32. The company has a 50 day moving average price of $107.63 and a 200 day moving average price of $99.84. Monarch Casino & Resort, Inc. has a 1 year low of $82.15 and a 1 year high of $122.52.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.37. The company had revenue of $136.55 million during the quarter, compared to analysts' expectations of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The business's revenue was up 8.9% compared to the same quarter last year. On average, analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, June 1st. Monarch Casino & Resort's dividend payout ratio (DPR) is 20.34%.

Institutional Trading of Monarch Casino & Resort

Institutional investors have recently made changes to their positions in the business. Kestra Advisory Services LLC acquired a new stake in shares of Monarch Casino & Resort in the 4th quarter worth $40,000. Osaic Holdings Inc. lifted its position in Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock worth $40,000 after acquiring an additional 315 shares during the period. GAMMA Investing LLC lifted its position in Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company's stock worth $94,000 after acquiring an additional 106 shares during the period. Parallel Advisors LLC lifted its position in Monarch Casino & Resort by 191.3% during the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company's stock worth $109,000 after acquiring an additional 746 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Monarch Casino & Resort by 69.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company's stock worth $110,000 after purchasing an additional 524 shares during the last quarter. Institutional investors and hedge funds own 62.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MCRI. Truist Financial raised their price objective on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Stifel Nicolaus raised their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Saturday, April 25th. Weiss Ratings reissued a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Wednesday. Finally, Zacks Research raised Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.50.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company's flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property's showroom.

Monarch's revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

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