Monarch Casino & Resort (NASDAQ:MCRI) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks upgraded Monarch Casino & Resort (MCRI) from "hold" to Strong-Buy, while other firms have lifted targets (Truist to $125) and the consensus rating is a Moderate Buy with an average price target of $109.50.
• Monarch beat quarterly expectations, reporting EPS of $1.52 versus $1.15 expected and revenue of $136.55M versus $128.49M expected, with revenue up 8.9% year-over-year and a net margin around 19.6%.
• Shares opened at $117.63 (52-week range $78.29–$120.91) with a market cap of $2.09B and a P/E of ~19.9; insiders own 26.34% (CEO sold 2,000 shares in March) and institutional investors own 62.37%.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on MCRI. Truist Financial boosted their price objective on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Stifel Nicolaus boosted their target price on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a "hold" rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Saturday, April 25th. Finally, Wells Fargo & Company boosted their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $109.50.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $117.63 on Tuesday. The business's 50 day simple moving average is $101.24 and its two-hundred day simple moving average is $96.98. Monarch Casino & Resort has a one year low of $78.29 and a one year high of $120.91. The stock has a market capitalization of $2.09 billion, a P/E ratio of 19.94 and a beta of 1.32.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The firm had revenue of $136.55 million for the quarter, compared to analysts' expectations of $128.49 million. The company's revenue was up 8.9% compared to the same quarter last year. Sell-side analysts expect that Monarch Casino & Resort will post 6.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of the company's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $99.00, for a total value of $198,000.00. Following the sale, the chief executive officer owned 536,304 shares in the company, valued at approximately $53,094,096. This represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 26.34% of the company's stock.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently bought and sold shares of MCRI. Farther Finance Advisors LLC grew its stake in shares of Monarch Casino & Resort by 199.1% in the third quarter. Farther Finance Advisors LLC now owns 329 shares of the company's stock worth $35,000 after acquiring an additional 219 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Monarch Casino & Resort in the fourth quarter worth $40,000. Osaic Holdings Inc. grew its stake 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 last quarter. TD Private Client Wealth LLC grew its stake in shares of Monarch Casino & Resort by 57.1% in the third quarter. TD Private Client Wealth LLC now owns 594 shares of the company's stock worth $63,000 after acquiring an additional 216 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company's stock worth $94,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Company Profile

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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