JMP Securities Has Lowered Expectations for Golden Entertainment (NASDAQ:GDEN) Stock Price

Key Points

• JMP Securities has reduced its price objective for Golden Entertainment (NASDAQ:GDEN) from $35.00 to $34.00, while maintaining a "market outperform" rating which indicates a potential upside of 39.66%.
• Several brokerages, including Wells Fargo and Truist Financial, have also lowered their price targets for Golden Entertainment, with the average rating now at "Moderate Buy" and an average price target of $35.17.
• Golden Entertainment reported earnings of $0.17 per share for the last quarter, surpassing estimates of $0.14, although revenue fell short of expectations at $163.62 million.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) had its price target cut by investment analysts at JMP Securities from $35.00 to $34.00 in a note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has a "market outperform" rating on the stock. JMP Securities' price objective points to a potential upside of 38.38% from the company's current price.

GDEN has been the subject of several other reports. Macquarie cut their target price on shares of Golden Entertainment from $38.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Wells Fargo & Company cut their target price on shares of Golden Entertainment from $36.00 to $34.00 and set an "overweight" rating for the company in a research note on Tuesday, August 12th. Truist Financial cut shares of Golden Entertainment from a "buy" rating to a "hold" rating and cut their target price for the company from $36.00 to $34.00 in a research note on Wednesday, July 16th. Finally, Citigroup reissued an "outperform" rating on shares of Golden Entertainment in a report on Friday, July 18th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Golden Entertainment currently has an average rating of "Moderate Buy" and an average price target of $35.17.

Golden Entertainment Stock Performance

Shares of Golden Entertainment stock traded down $0.06 on Tuesday, reaching $24.57. The stock had a trading volume of 352,147 shares, compared to its average volume of 143,807. The stock has a market cap of $642.75 million, a P/E ratio of 45.50 and a beta of 1.65. Golden Entertainment has a fifty-two week low of $22.66 and a fifty-two week high of $35.49. The business's 50-day moving average price is $26.30 and its two-hundred day moving average price is $27.18. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.03 and a current ratio of 1.12.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.14 by $0.03. The firm had revenue of $163.62 million during the quarter, compared to analysts' expectations of $169.70 million. Golden Entertainment had a net margin of 2.35% and a return on equity of 3.23%. On average, sell-side analysts forecast that Golden Entertainment will post 0.2 EPS for the current year.

Institutional Investors Weigh In On Golden Entertainment

A number of hedge funds have recently made changes to their positions in GDEN. Hill Path Capital LP increased its position in shares of Golden Entertainment by 477.8% during the 2nd quarter. Hill Path Capital LP now owns 655,625 shares of the company's stock worth $19,295,000 after purchasing an additional 542,150 shares in the last quarter. Long Pond Capital LP bought a new stake in Golden Entertainment during the first quarter worth about $11,474,000. 1060 Capital LLC grew its stake in Golden Entertainment by 328.6% during the first quarter. 1060 Capital LLC now owns 300,000 shares of the company's stock worth $7,917,000 after buying an additional 230,000 shares during the last quarter. Millennium Management LLC grew its position in Golden Entertainment by 885.9% during the 4th quarter. Millennium Management LLC now owns 171,302 shares of the company's stock worth $5,413,000 after acquiring an additional 153,927 shares during the last quarter. Finally, Penn Capital Management Company LLC grew its position in Golden Entertainment by 29.3% during the 1st quarter. Penn Capital Management Company LLC now owns 674,024 shares of the company's stock worth $17,827,000 after acquiring an additional 152,805 shares during the last quarter. Institutional investors and hedge funds own 70.73% of the company's stock.

About Golden Entertainment

Golden Entertainment, Inc owns and operates a diversified entertainment platform in the United States. The company operates through four segments; Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. It also operates casino, casino resorts, and taverns; and slot machines in third party non-casino locations.