Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $116.00

Key Points

• Wells Fargo raised its price target on Monarch Casino & Resort to $116 from $99, while keeping an “equal weight” rating. That target still implies some downside from the stock’s recent close.
• Other analysts remain mixed on the stock: Truist and Wall Street Zen are more positive, while several firms still rate it Hold. Overall, MarketBeat shows a consensus Hold rating with an average price target of $115.80.
• Recent results were solid, with the company reporting quarterly EPS of $1.52 versus the $1.15 consensus and revenue of $136.55 million, up 8.9% year over year. Insider and institutional activity also showed notable movement, including CEO John Farahi selling 5,000 shares.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) had its price target raised by analysts at Wells Fargo & Company from $99.00 to $116.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential downside of 6.59% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Truist Financial upped their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Saturday, April 25th. Jefferies Financial Group reissued a "hold" rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a "hold" rating in a research note on Wednesday, April 22nd. Finally, Zacks Research cut shares of Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $115.80.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI opened at $124.19 on Tuesday. The stock has a market cap of $2.20 billion, a PE ratio of 21.05 and a beta of 1.29. Monarch Casino & Resort has a fifty-two week low of $85.66 and a fifty-two week high of $135.93. The stock has a fifty day moving average of $123.69 and a 200-day moving average of $106.62.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. The company had revenue of $136.55 million during the quarter, compared to analyst estimates of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The company's quarterly revenue was up 8.9% compared to the same quarter last year. On average, sell-side analysts predict that Monarch Casino & Resort will post 7.07 EPS for the current year.

Insider Activity

In other news, CEO John Farahi sold 5,000 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction of $604,200.00. Following the sale, the chief executive officer directly owned 616,556 shares in the company, valued at $74,504,627.04. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 26.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors have recently added to or reduced their stakes in MCRI. Osaic Holdings Inc. raised its position in shares of Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock worth $40,000 after acquiring an additional 315 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Monarch Casino & Resort in the 4th quarter valued at about $40,000. GAMMA Investing LLC raised its holdings in Monarch Casino & Resort by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company's stock worth $94,000 after purchasing an additional 106 shares during the period. Parallel Advisors LLC boosted its position in Monarch Casino & Resort by 191.3% during the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company's stock worth $109,000 after purchasing an additional 746 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Monarch Casino & Resort by 69.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company's stock valued at $110,000 after purchasing an additional 524 shares during the period. Institutional investors own 62.37% of the company's stock.

About Monarch Casino & Resort

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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