Wells Fargo & Company Upgrades Monarch Casino & Resort (NASDAQ:MCRI) to "Equal Weight"

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was upgraded by analysts at Wells Fargo & Company from an "underweight" rating to an "equal weight" rating in a report issued on Thursday, MarketBeat.com reports. The firm presently has a $89.00 target price on the stock, up from their prior target price of $83.00. Wells Fargo & Company's target price would suggest a potential downside of 15.36% from the company's previous close.

Other research analysts also recently issued reports about the company. Macquarie reiterated a "neutral" rating and set a $92.00 price objective on shares of Monarch Casino & Resort in a research note on Wednesday, April 23rd. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Stifel Nicolaus cut their price objective on shares of Monarch Casino & Resort from $90.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Finally, Truist Financial boosted their target price on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $93.20.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI traded up $0.32 during midday trading on Thursday, reaching $105.15. 327,013 shares of the stock traded hands, compared to its average volume of 112,718. The stock has a market capitalization of $1.94 billion, a P/E ratio of 19.77 and a beta of 1.54. Monarch Casino & Resort has a 12 month low of $67.14 and a 12 month high of $113.88. The company has a fifty day moving average of $85.83 and a 200 day moving average of $83.55.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. The business had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. On average, analysts predict that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in shares of Monarch Casino & Resort by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 118,512 shares of the company's stock valued at $9,351,000 after buying an additional 5,674 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Monarch Casino & Resort in the fourth quarter valued at $6,118,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Monarch Casino & Resort by 32.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,242 shares of the company's stock valued at $808,000 after purchasing an additional 2,506 shares during the period. Royce & Associates LP increased its holdings in Monarch Casino & Resort by 4.4% during the 4th quarter. Royce & Associates LP now owns 19,595 shares of the company's stock worth $1,546,000 after purchasing an additional 825 shares during the period. Finally, Teacher Retirement System of Texas raised its position in Monarch Casino & Resort by 19.2% in the 4th quarter. Teacher Retirement System of Texas now owns 108,612 shares of the company's stock valued at $8,569,000 after purchasing an additional 17,470 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

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.