JMP Securities Raises Red Rock Resorts (NASDAQ:RRR) Price Target to $65.00

Key Points

• JMP Securities has raised the price target for Red Rock Resorts from $64.00 to $65.00, suggesting a potential upside of 6.26% from the current stock price.
• Several brokerages have upgraded their ratings and price targets for Red Rock Resorts, with Truist Financial raising it to $67.00, indicating strong market confidence.
• Red Rock Resorts reported quarterly earnings of $0.95 per share, significantly exceeding analyst expectations, with revenues up 8.2% year-over-year.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its target price increased by stock analysts at JMP Securities from $64.00 to $65.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. JMP Securities' price objective points to a potential upside of 6.26% from the stock's current price.

A number of other brokerages have also recently commented on RRR. Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and lifted their price target for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. Mizuho lifted their price target on Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Citigroup restated an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Barclays boosted their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Morgan Stanley increased their target price on Red Rock Resorts from $49.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $60.82.

Red Rock Resorts Trading Down 0.3%

Shares of NASDAQ RRR opened at $61.17 on Tuesday. The company has a debt-to-equity ratio of 11.28, a current ratio of 0.89 and a quick ratio of 0.84. The stock has a market capitalization of $6.45 billion, a P/E ratio of 20.71, a price-to-earnings-growth ratio of 2.48 and a beta of 1.46. Red Rock Resorts has a 1-year low of $35.09 and a 1-year high of $63.60. The business has a fifty day moving average price of $58.78 and a 200 day moving average price of $50.44.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.55. The firm had revenue of $526.27 million during the quarter, compared to analysts' expectations of $485.44 million. Red Rock Resorts had a return on equity of 59.97% and a net margin of 8.89%.The business's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 EPS. Equities research analysts expect that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Insider Activity

In other news, CFO Stephen Lawrence Cootey sold 121,400 shares of Red Rock Resorts stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $60.04, for a total transaction of $7,288,856.00. Following the completion of the sale, the chief financial officer directly owned 260,268 shares in the company, valued at approximately $15,626,490.72. This trade represents a 31.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Kord Nichols sold 37,075 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the transaction, the chief operating officer directly owned 87,036 shares of the company's stock, valued at approximately $5,311,807.08. This trade represents a 29.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 262,703 shares of company stock worth $15,764,672. Company insiders own 53.81% of the company's stock.

Institutional Trading of Red Rock Resorts

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bamco Inc. NY boosted its holdings in shares of Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company's stock valued at $638,356,000 after purchasing an additional 666,593 shares during the last quarter. Eminence Capital LP lifted its holdings in shares of Red Rock Resorts by 23.4% during the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company's stock valued at $159,179,000 after acquiring an additional 581,061 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Red Rock Resorts by 10.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company's stock worth $92,281,000 after buying an additional 171,235 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in Red Rock Resorts by 53.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 793,371 shares of the company's stock worth $41,279,000 after buying an additional 277,426 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Red Rock Resorts by 56.2% in the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company's stock valued at $18,656,000 after purchasing an additional 154,839 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.

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