Monarch Casino & Resort (NASDAQ:MCRI) Rating Lowered to Hold at Zacks Research

Key Points

• Monarch Casino & Resort was downgraded from a "strong-buy" to a "hold" rating by Zacks Research, with a consensus target price currently at $93.20.
• In recent trading, the stock opened at $101.11 and has a market capitalization of $1.85 billion, indicating a stable performance within its range between a twelve-month low of $69.99 and a high of $113.88.
• Insider transactions include Director Craig F. Sullivan selling 12,200 shares at an average price of $105.55, while CEO John Farahi sold 2,000 shares at $105.78, reflecting significant insider activity in the company.

Zacks Research downgraded shares of Monarch Casino & Resort (NASDAQ:MCRI - Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Stifel Nicolaus raised their price target on Monarch Casino & Resort from $81.00 to $92.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Truist Financial boosted their price target on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $93.20.

Monarch Casino & Resort Stock Down 0.3%

MCRI traded down $0.35 during midday trading on Monday, hitting $102.22. 318,319 shares of the company traded hands, compared to its average volume of 89,079. The firm has a market capitalization of $1.87 billion, a PE ratio of 19.21 and a beta of 1.49. The company's 50-day moving average is $101.67 and its 200 day moving average is $88.64. Monarch Casino & Resort has a 52 week low of $69.99 and a 52 week high of $113.88.

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

Insider Activity at Monarch Casino & Resort

In related news, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $105.55, for a total value of $1,287,710.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $105.78, for a total value of $211,560.00. Following the completion of the sale, the chief executive officer directly owned 560,110 shares in the company, valued at approximately $59,248,435.80. This trade represents a 0.36% decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

Institutional Trading of Monarch Casino & Resort

Large investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund increased its position in Monarch Casino & Resort by 3.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,766 shares of the company's stock valued at $526,000 after acquiring an additional 254 shares during the period. GHP Investment Advisors Inc. increased its position in shares of Monarch Casino & Resort by 45.6% during the 1st quarter. GHP Investment Advisors Inc. now owns 11,075 shares of the company's stock valued at $861,000 after purchasing an additional 3,467 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Monarch Casino & Resort during the 1st quarter valued at $319,000. Golden State Wealth Management LLC increased its position in shares of Monarch Casino & Resort by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock valued at $104,000 after purchasing an additional 666 shares during the period. Finally, Raymond James Financial Inc. increased its position in shares of Monarch Casino & Resort by 9.2% during the 1st quarter. Raymond James Financial Inc. now owns 84,655 shares of the company's stock valued at $6,582,000 after purchasing an additional 7,115 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

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.