Monarch Casino & Resort (NASDAQ:MCRI) Given New $97.00 Price Target at Stifel Nicolaus

Key Points

• Stifel Nicolaus raised the price target for Monarch Casino & Resort (MCRI) from $92.00 to $97.00, maintaining a "hold" rating.
• Monarch Casino's recent performance includes a quarterly EPS of $1.69, exceeding expectations, but reported revenue of $142.81 million, which fell short of estimates.
• Hedge funds and institutional investors hold 62.37% of Monarch Casino's stock, indicating strong confidence in the company.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) had its price target increased by equities researchers at Stifel Nicolaus from $92.00 to $97.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "hold" rating on the stock. Stifel Nicolaus' target price indicates a potential downside of 0.22% from the company's previous close.

MCRI has been the topic of several other reports. Weiss Ratings restated a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Tuesday, October 14th. Truist Financial increased their target price on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. Finally, Zacks Research downgraded Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $94.20.

Monarch Casino & Resort Stock Up 0.7%

Shares of NASDAQ:MCRI opened at $97.21 on Wednesday. Monarch Casino & Resort has a 52-week low of $69.99 and a 52-week high of $113.88. The stock's fifty day simple moving average is $101.66 and its 200-day simple moving average is $91.50. The company has a market capitalization of $1.78 billion, a P/E ratio of 18.27 and a beta of 1.49.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings data on Tuesday, October 21st. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.06. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%.The business had revenue of $142.81 million for the quarter, compared to the consensus estimate of $145.54 million. On average, sell-side analysts anticipate that Monarch Casino & Resort will post 5.13 earnings per share for the current year.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of large investors have recently modified their holdings of MCRI. GHP Investment Advisors Inc. raised its holdings in shares of Monarch Casino & Resort by 45.6% in the 1st quarter. GHP Investment Advisors Inc. now owns 11,075 shares of the company's stock worth $861,000 after purchasing an additional 3,467 shares during the period. Bessemer Group Inc. raised its holdings in shares of Monarch Casino & Resort by 1,700.8% in the 1st quarter. Bessemer Group Inc. now owns 2,125 shares of the company's stock worth $165,000 after purchasing an additional 2,007 shares during the period. Golden State Wealth Management LLC raised its holdings in shares of Monarch Casino & Resort by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after purchasing an additional 666 shares during the period. Illinois Municipal Retirement Fund raised its holdings in shares of Monarch Casino & Resort by 3.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,766 shares of the company's stock worth $526,000 after purchasing an additional 254 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Monarch Casino & Resort by 2.5% in the first quarter. Principal Financial Group Inc. now owns 68,861 shares of the company's stock valued at $5,354,000 after buying an additional 1,695 shares in the last quarter. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.

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