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 objective dropped by equities research analysts at JMP Securities from $35.00 to $34.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' price objective suggests a potential upside of 39.66% from the stock's previous close.

Several other brokerages also recently weighed in on GDEN. Wells Fargo & Company decreased their price target on Golden Entertainment from $36.00 to $34.00 and set an "overweight" rating for the company in a report on Tuesday, August 12th. Macquarie reduced their target price on Golden Entertainment from $38.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Citigroup reissued an "outperform" rating on shares of Golden Entertainment in a report on Friday, July 18th. Finally, Truist Financial downgraded Golden Entertainment from a "buy" rating to a "hold" rating and reduced their target price for the company from $36.00 to $34.00 in a report on Wednesday, July 16th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company 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 opened at $24.35 on Tuesday. The firm has a market capitalization of $636.87 million, a P/E ratio of 45.12 and a beta of 1.65. Golden Entertainment has a 52 week low of $22.66 and a 52 week high of $35.49. The company has a quick ratio of 1.03, a current ratio of 1.12 and a debt-to-equity ratio of 0.95. The firm's 50 day moving average is $26.87 and its two-hundred day moving average is $27.30.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. The business had revenue of $163.62 million for the quarter, compared to analyst estimates of $169.70 million. Golden Entertainment had a net margin of 2.35% and a return on equity of 3.23%. Research analysts forecast that Golden Entertainment will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Golden Entertainment

A number of institutional investors have recently made changes to their positions in the business. State of Wyoming raised its position in shares of Golden Entertainment by 84.1% in the 2nd quarter. State of Wyoming now owns 19,627 shares of the company's stock valued at $578,000 after purchasing an additional 8,965 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Golden Entertainment by 3.5% during the second quarter. Public Sector Pension Investment Board now owns 67,588 shares of the company's stock worth $1,989,000 after purchasing an additional 2,316 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Golden Entertainment by 168.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,680 shares of the company's stock worth $79,000 after purchasing an additional 1,680 shares during the period. MML Investors Services LLC increased its position in Golden Entertainment by 14.7% in the second quarter. MML Investors Services LLC now owns 86,555 shares of the company's stock worth $2,547,000 after buying an additional 11,119 shares during the period. Finally, Hill Path Capital LP increased its position in Golden Entertainment by 477.8% in the second quarter. Hill Path Capital LP now owns 655,625 shares of the company's stock worth $19,295,000 after buying an additional 542,150 shares during the period. 70.73% of the stock is owned by institutional investors and hedge funds.

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.

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