Red Rock Resorts (NASDAQ:RRR) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Key Points

• Red Rock Resorts beat quarterly expectations: The company reported EPS of $0.67, exceeding the $0.51 consensus estimate by $0.16, while revenue reached $510.26 million versus expectations of $500.08 million.
• Shares fell 2.0% after the results to $64.27, despite the earnings beat. The stock has traded between $50.52 and $68.99 over the past year.
• Analyst sentiment remains positive: Fourteen analysts rate the stock Buy, three rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $71.24.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.16, FiscalAI reports. The business had revenue of $510.26 million for the quarter, compared to analyst estimates of $500.08 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.

Red Rock Resorts Stock Down 2.0%

Shares of RRR traded down $1.34 during trading hours on Tuesday, reaching $64.27. The company's stock had a trading volume of 1,639,963 shares, compared to its average volume of 811,601. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 4.73 and a beta of 1.36. Red Rock Resorts has a 1-year low of $50.52 and a 1-year high of $68.99. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42. The company has a 50 day moving average of $62.55 and a two-hundred day moving average of $59.83.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Red Rock Resorts from $66.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Weiss Ratings upgraded Red Rock Resorts from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, July 10th. Zacks Research lowered shares of Red Rock Resorts from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 6th. Truist Financial upped their target price on Red Rock Resorts from $68.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Red Rock Resorts in a research report on Thursday, July 16th. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Red Rock Resorts currently has an average rating of "Moderate Buy" and an average price target of $71.24.

Institutional Investors Weigh In On Red Rock Resorts

A number of hedge funds and other institutional investors have recently made changes to their positions in RRR. Kestra Advisory Services LLC bought a new position in shares of Red Rock Resorts during the 4th quarter valued at $27,000. PNC Financial Services Group Inc. boosted its holdings in Red Rock Resorts by 98.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company's stock worth $91,000 after purchasing an additional 733 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Red Rock Resorts during the second quarter worth $94,000. Russell Investments Group Ltd. increased its position in Red Rock Resorts by 1,385.7% during the second quarter. Russell Investments Group Ltd. now owns 1,872 shares of the company's stock worth $97,000 after buying an additional 1,746 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in Red Rock Resorts by 14.8% during the second quarter. Osaic Holdings Inc. now owns 2,996 shares of the company's stock valued at $149,000 after buying an additional 387 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc NASDAQ: RRR is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company's flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.

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