Monarch Casino & Resort (NASDAQ:MCRI) Upgraded by Wells Fargo & Company to Equal Weight Rating

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was upgraded by equities researchers at Wells Fargo & Company from an "underweight" rating to an "equal weight" rating in a research report issued on Thursday, MarketBeat.com reports. The firm presently has a $89.00 price target on the stock, up from their previous price target of $83.00. Wells Fargo & Company's price target indicates a potential downside of 15.10% from the stock's previous close.

MCRI has been the topic of several other research reports. Truist Financial lifted their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday. Stifel Nicolaus decreased their price target on Monarch Casino & Resort from $90.00 to $81.00 and set a "hold" rating on the stock 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. Finally, Macquarie restated a "neutral" rating and set a $92.00 target price on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $93.20.

Monarch Casino & Resort Price Performance

Shares of MCRI stock traded up $17.47 during trading on Thursday, reaching $104.83. The company had a trading volume of 677,934 shares, compared to its average volume of 111,629. The firm's 50 day simple moving average is $85.32 and its two-hundred day simple moving average is $83.30. Monarch Casino & Resort has a one year low of $67.14 and a one year high of $113.87. The company has a market capitalization of $1.94 billion, a PE ratio of 19.70 and a beta of 1.54.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 19.14% and a net margin of 18.70%. The company had revenue of $136.91 million for the quarter, compared to the consensus estimate of $129.76 million. Analysts forecast that Monarch Casino & Resort will post 5.13 earnings per share for the current year.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCRI. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Monarch Casino & Resort in the fourth quarter worth about $19,346,000. Invesco Ltd. increased its stake in Monarch Casino & Resort by 147.1% during the 1st quarter. Invesco Ltd. now owns 222,770 shares of the company's stock worth $17,320,000 after acquiring an additional 132,599 shares during the period. Nuveen LLC bought a new position in shares of Monarch Casino & Resort in the 1st quarter valued at $9,872,000. Raymond James Financial Inc. bought a new position in shares of Monarch Casino & Resort in the 4th quarter valued at $6,118,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Monarch Casino & Resort in the 1st quarter valued at $5,904,000. Institutional investors own 62.37% of the company's stock.

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.