Monarch Casino & Resort (NASDAQ:MCRI) Shares Break Above 200-Day Moving Average - What's Next?

Key Points

• Monarch Casino & Resort shares moved above their 200-day moving average, reaching $119.65 and last trading at $119.23, signaling improved technical momentum.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $124.40; targets range from $114 to $144.
• The company reported quarterly earnings of $1.78 per share, beating estimates, while revenue rose 4.2% year over year. Monarch also maintains a $0.30 quarterly dividend, equivalent to a 1.0% yield.

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $118.03 and traded as high as $119.65. Monarch Casino & Resort shares last traded at $119.23, with a volume of 74,133 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MCRI shares. Wall Street Zen lowered Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Zacks Research raised Monarch Casino & Resort from a "strong sell" rating to a "hold" rating in a research report on Friday, September 18th. Truist Financial increased their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Wells Fargo & Company cut their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Monarch Casino & Resort presently has an average rating of "Moderate Buy" and a consensus target price of $124.40.

Monarch Casino & Resort Trading Up 0.9%

The firm has a market cap of $2.14 billion, a PE ratio of 19.11 and a beta of 1.37. The business's 50-day simple moving average is $121.33 and its 200 day simple moving average is $118.03.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. The company had revenue of $142.60 million during the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The business's quarterly revenue was up 4.2% on a year-over-year basis. Analysts expect that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a $0.30 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. Monarch Casino & Resort's payout ratio is currently 19.23%.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $124.00, for a total value of $620,000.00. Following the transaction, the chief executive officer owned 611,556 shares of the company's stock, valued at $75,832,944. The trade was a 0.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 26.34% of the company's stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of large investors have recently made changes to their positions in the business. Allworth Financial LP boosted its position in Monarch Casino & Resort by 46.7% in the second quarter. Allworth Financial LP now owns 311 shares of the company's stock valued at $41,000 after buying an additional 99 shares during the last quarter. GAMMA Investing LLC lifted its stake in Monarch Casino & Resort by 7.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,791 shares of the company's stock valued at $236,000 after acquiring an additional 126 shares during the period. IFP Advisors Inc lifted its stake in Monarch Casino & Resort by 267.6% during the 2nd quarter. IFP Advisors Inc now owns 261 shares of the company's stock valued at $34,000 after acquiring an additional 190 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Monarch Casino & Resort by 11.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,700 shares of the company's stock valued at $258,000 after acquiring an additional 271 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Monarch Casino & Resort by 1.2% in the 1st quarter. Swiss National Bank now owns 25,311 shares of the company's stock valued at $2,420,000 after acquiring an additional 300 shares during the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in the United States. Its properties serve leisure and gaming customers with casino gaming, hotel accommodations, dining, entertainment, spa services and meeting facilities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. The resorts offer a range of gaming options, including slot machines, table games and, where permitted, sports wagering, along with restaurants, bars and other guest amenities.

Monarch's history in the casino industry dates to the development of its Black Hawk property in the 1990s and its subsequent expansion in Nevada.

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