Monarch Casino & Resort (NASDAQ:MCRI) Receives Buy (B) Rating from Weiss Ratings

Key Points

• Monarch Casino & Resort has received a reinstated "buy (B)" rating from Weiss Ratings, indicating positive outlook from analysts.
• Research reports show varying price targets for Monarch's stock, with estimates increasing from $81.00 to $105.00 by different analysts.
• The company's recent quarterly earnings exceeded expectations, reporting $1.44 EPS against estimates of $1.22, with revenues also surpassing projections.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report)'s stock had its "buy (b)" rating restated by analysts at Weiss Ratings in a report issued on Tuesday,Weiss Ratings reports.

Other research analysts also recently 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 stock a "hold" rating in a research note on Thursday, July 17th. Truist Financial raised their price target on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Zacks Research cut Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Monarch Casino & Resort presently has an average rating of "Hold" and an average price target of $93.20.

Monarch Casino & Resort Price Performance

Shares of MCRI traded up $1.74 during mid-day trading on Tuesday, reaching $97.15. The company's stock had a trading volume of 22,778 shares, compared to its average volume of 107,467. The company's 50 day moving average is $101.97 and its 200 day moving average is $90.80. The stock has a market cap of $1.77 billion, a PE ratio of 18.26 and a beta of 1.49. Monarch Casino & Resort has a 12-month low of $69.99 and a 12-month high of $113.88.

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

Insider Activity at Monarch Casino & Resort

In other news, 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 of the company's stock, valued at $59,248,435.80. This trade represents a 0.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total value of $1,287,710.00. The disclosure for this sale can be found here. 25.52% of the stock is owned by company insiders.

Institutional Trading of Monarch Casino & Resort

Several hedge funds have recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in shares of Monarch Casino & Resort by 51.2% in the 2nd quarter. Parallel Advisors LLC now owns 384 shares of the company's stock valued at $33,000 after buying an additional 130 shares during the period. TD Private Client Wealth LLC raised its holdings in Monarch Casino & Resort by 72.6% during the first quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock worth $29,000 after purchasing an additional 159 shares during the last quarter. Vident Advisory LLC raised its holdings in Monarch Casino & Resort by 3.5% during the second quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock worth $481,000 after purchasing an additional 186 shares during the last quarter. GAMMA Investing LLC raised its holdings in Monarch Casino & Resort by 28.7% during the second quarter. GAMMA Investing LLC now owns 839 shares of the company's stock worth $73,000 after purchasing an additional 187 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Monarch Casino & Resort by 7.5% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 3,271 shares of the company's stock worth $283,000 after purchasing an additional 227 shares during the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

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.

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