Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Monarch Casino & Resort to “Hold” from “Buy,” while analysts’ overall consensus is “Hold,” with two Buy, three Hold and one Sell rating and an average price target of $124.40.
• Monarch’s shares opened at $122.75, up 0.6%, with a $2.20 billion market capitalization. The company recently reported quarterly EPS of $1.78, beating estimates of $1.68, while revenue rose 4.2% year over year to $142.6 million.
• Insiders own 26.34% of the company, and institutional investors own 62.37%; CEO John Farahi recently sold 5,000 shares for approximately $604,200.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday.

Several other equities research analysts have also recently issued reports on MCRI. Zacks Research cut Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 22nd. Jefferies Financial Group restated a "hold" rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Stifel Nicolaus upped their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company reduced their target price on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $124.40.

Monarch Casino & Resort Stock Up 0.6%

Shares of Monarch Casino & Resort stock opened at $122.75 on Friday. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 19.67 and a beta of 1.29. Monarch Casino & Resort has a twelve month low of $88.13 and a twelve month high of $135.93. The company has a 50-day simple moving average of $125.05 and a two-hundred day simple moving average of $109.15.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The firm had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. The company's revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts anticipate that Monarch Casino & Resort will post 6.98 earnings per share for the current fiscal year.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the firm's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares of the company's stock, valued at $74,504,627.04. This trade represents a 0.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 26.34% of the company's stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Institutional investors and hedge funds have recently bought and sold shares of the company. Qube Research & Technologies Ltd raised its stake in shares of Monarch Casino & Resort by 77.1% during the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company's stock valued at $19,951,000 after acquiring an additional 82,035 shares during the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Monarch Casino & Resort in the fourth quarter worth $7,244,000. Arrowstreet Capital Limited Partnership increased its holdings in Monarch Casino & Resort by 64.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company's stock valued at $18,943,000 after purchasing an additional 70,185 shares during the period. Invesco Ltd. increased its holdings in Monarch Casino & Resort by 38.2% in the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company's stock valued at $18,601,000 after purchasing an additional 53,745 shares during the period. Finally, Pacer Advisors Inc. raised its position in Monarch Casino & Resort by 2,489.3% during the 4th quarter. Pacer Advisors Inc. now owns 50,311 shares of the company's stock worth $4,815,000 after purchasing an additional 48,368 shares during the last quarter. Institutional investors and hedge funds own 62.37% of the company's stock.

Monarch Casino & Resort Company Profile

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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