Susquehanna Reiterates "Positive" Rating for Red Rock Resorts (NASDAQ:RRR)

Key Points

• Susquehanna has raised its price target for Red Rock Resorts from $65.00 to $68.00, indicating a potential upside of 23.61% from the current stock price.
• Red Rock Resorts reported earnings of $0.95 per share, significantly surpassing the consensus estimate of $0.40 and achieving revenue of $526.27 million for the quarter.
• Currently, there are eight buy ratings and four hold ratings for Red Rock Resorts, with an average price target of $58.36.

Red Rock Resorts (NASDAQ:RRR - Get Free Report)'s stock had its "positive" rating reiterated by stock analysts at Susquehanna in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. They presently have a $68.00 price objective on the stock, up from their previous price objective of $65.00. Susquehanna's price objective suggests a potential upside of 13.74% from the company's previous close.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 target price on the stock. Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and increased their target price for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. Mizuho upgraded Red Rock Resorts from a "neutral" rating to an "outperform" rating and set a $50.00 target price on the stock in a research report on Monday, June 2nd. Barclays raised their price objective on Red Rock Resorts from $54.00 to $62.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Finally, Morgan Stanley raised their price objective on Red Rock Resorts from $47.00 to $49.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.36.

Red Rock Resorts Trading Down 2.5%

NASDAQ RRR traded down $1.56 during trading hours on Wednesday, hitting $59.79. 241,356 shares of the company's stock were exchanged, compared to its average volume of 703,682. The business's 50 day moving average is $52.38 and its 200-day moving average is $47.96. Red Rock Resorts has a 12-month low of $35.09 and a 12-month high of $62.00. The firm has a market capitalization of $6.34 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 3.92 and a beta of 1.62. The company has a debt-to-equity ratio of 9.04, a quick ratio of 0.87 and a current ratio of 0.92.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.55. Red Rock Resorts had a return on equity of 59.56% and a net margin of 8.89%. The firm had revenue of $526.27 million for the quarter, compared to the consensus estimate of $485.44 million. During the same period in the prior year, the business posted $0.59 earnings per share. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, analysts anticipate that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently bought and sold shares of RRR. Raymond James Financial Inc. acquired a new position in Red Rock Resorts during the 4th quarter worth approximately $292,000. Commonwealth Equity Services LLC lifted its position in Red Rock Resorts by 184.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 12,509 shares of the company's stock worth $578,000 after acquiring an additional 8,107 shares in the last quarter. American Century Companies Inc. lifted its position in Red Rock Resorts by 11.7% during the 4th quarter. American Century Companies Inc. now owns 34,530 shares of the company's stock worth $1,597,000 after acquiring an additional 3,623 shares in the last quarter. Vanguard Group Inc. lifted its position in Red Rock Resorts by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 5,181,146 shares of the company's stock worth $239,576,000 after acquiring an additional 50,193 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Red Rock Resorts by 5.7% during the 4th quarter. JPMorgan Chase & Co. now owns 94,255 shares of the company's stock worth $4,358,000 after acquiring an additional 5,058 shares in the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.