Red Rock Resorts Inc (NASDAQ:RRR) was the target of a significant drop in short interest in October. As of October 30th, there was short interest totalling 3,550,000 shares, a drop of 17.4% from the October 15th total of 4,300,000 shares. Based on an average daily volume of 1,490,000 shares, the short-interest ratio is presently 2.4 days. Currently, 5.9% of the shares of the stock are sold short.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Zeke Capital Advisors LLC lifted its position in Red Rock Resorts by 348.2% during the 3rd quarter. Zeke Capital Advisors LLC now owns 6,404,219 shares of the company's stock worth $109,512,000 after buying an additional 4,975,400 shares in the last quarter. Eminence Capital LP lifted its position in Red Rock Resorts by 120.5% during the 2nd quarter. Eminence Capital LP now owns 5,185,233 shares of the company's stock worth $56,571,000 after buying an additional 2,833,478 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Red Rock Resorts by 69.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,088,132 shares of the company's stock worth $22,782,000 after buying an additional 858,605 shares in the last quarter. FMR LLC lifted its position in Red Rock Resorts by 115.5% during the 2nd quarter. FMR LLC now owns 917,730 shares of the company's stock worth $10,012,000 after buying an additional 491,930 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Red Rock Resorts by 43.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,585,025 shares of the company's stock worth $27,104,000 after buying an additional 480,382 shares in the last quarter. 50.82% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on RRR. Bank of America raised their price target on shares of Red Rock Resorts from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, October 15th. JPMorgan Chase & Co. lifted their target price on shares of Red Rock Resorts from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Wednesday, October 14th. Union Gaming Research raised shares of Red Rock Resorts from a "hold" rating to a "buy" rating and set a $25.00 target price for the company in a report on Wednesday, October 28th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Red Rock Resorts from $22.00 to $24.00 in a report on Wednesday, October 28th. Finally, Stifel Nicolaus lifted their target price on shares of Red Rock Resorts from $18.00 to $22.00 and gave the stock a "hold" rating in a report on Wednesday, October 28th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. The company has an average rating of "Buy" and an average price target of $21.00.
RRR traded down $0.26 during trading on Friday, hitting $21.72. The company had a trading volume of 823,356 shares, compared to its average volume of 1,863,231. The company has a market capitalization of $2.55 billion, a PE ratio of -6.46 and a beta of 2.74. Red Rock Resorts has a one year low of $2.76 and a one year high of $27.91. The firm's 50-day moving average price is $19.38 and its 200 day moving average price is $15.06. The company has a quick ratio of 1.96, a current ratio of 2.04 and a debt-to-equity ratio of 6.82.
Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.15 by $0.41. Red Rock Resorts had a negative net margin of 16.61% and a negative return on equity of 7.41%. Sell-side analysts forecast that Red Rock Resorts will post -0.41 earnings per share for the current year.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, engages in casino entertainment, and gaming and entertainment businesses in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company develops, manages, and operates casino entertainment properties; and owns and operates 10 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.
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7 Gold Stocks to Buy Before the Fed Changes Its Mind
Just when investors thought that the price of gold couldn’t go any higher, the Federal Reserve added fuel to the fire. On July 29, the Fed said there was not sufficient evidence of an economic recovery to warrant changing their current policies.
Not only does that mean that interest rates will stay at or nor zero, but that the Fed may initiate other actions as well. In his statement after the Fed meeting, chairman Jerome Powell said the Fed was “not even thinking about thinking about raising rates.”
And while the novel coronavirus was certainly a factor, it’s not the only factor. The Fed is looking intently at the collateral damage from the lockdown measures in March and April. Over 14 million Americans who had jobs in February are unemployed. And many of those jobs will not be coming back.
This is creating the perfect scenario for gold and gold stocks. The price of gold has surged over 25% in 2020. At the time of this writing, it sits at $1,953 per ounce. Of course as soon as gold starts to near $2,000 the cries that the rally is over begin.
Are they right again? Maybe, but I’m a little skeptical. Gold always climbs during times of uncertainty. That’s true today more than ever. We’re months away from a presidential election. We’re learning how to live with a novel virus for which there is no vaccine. We have social unrest that has turned into riots in many major cities.
With that in mind, here are seven of the best gold stocks that you can invest in right now.
View the "7 Gold Stocks to Buy Before the Fed Changes Its Mind".