Truist Financial Issues Pessimistic Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Key Points

• Truist Financial cut its price objective on Red Rock Resorts from $70 to $68 but kept a Buy rating, which the firm says implies roughly a 29% upside from the stock's current level.
• RRR shares traded down 6.0% to $52.71, sitting below its 50‑ and 200‑day moving averages and well under the consensus analyst target of $69.71 (52‑week range $41.90–$68.99).
• Analysts overall rate the stock a Moderate Buy (11 Buys, 4 Holds); Q1 EPS beat expectations ($0.73 vs. $0.56) while revenue was roughly flat year‑over‑year, and institutions own about 47.8% of the shares.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its price objective dropped by Truist Financial from $70.00 to $68.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's target price would indicate a potential upside of 29.01% from the stock's current price.

A number of other equities research analysts also recently commented on RRR. Morgan Stanley upped their price objective on Red Rock Resorts from $62.00 to $63.00 and gave the company an "equal weight" rating in a report on Wednesday, April 8th. Stifel Nicolaus upped their price objective on Red Rock Resorts from $71.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. Weiss Ratings downgraded Red Rock Resorts from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, April 17th. Barclays increased their price target on Red Rock Resorts from $65.00 to $69.00 and gave the stock an "overweight" rating in a report on Friday, January 16th. Finally, Jefferies Financial Group lowered their price target on Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating for the company in a report on Monday, April 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.71.

Red Rock Resorts Trading Down 6.0%

NASDAQ RRR traded down $3.35 on Thursday, reaching $52.71. The company had a trading volume of 356,956 shares, compared to its average volume of 807,926. The stock's 50 day moving average is $57.67 and its 200-day moving average is $59.26. The stock has a market cap of $5.54 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 2.42 and a beta of 1.48. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 10.26. Red Rock Resorts has a 52 week low of $41.90 and a 52 week high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.17. The business had revenue of $507.32 million during the quarter, compared to the consensus estimate of $507.77 million. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The firm's revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.75 earnings per share. Equities analysts predict that Red Rock Resorts will post 2.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. MQS Management LLC bought a new position in shares of Red Rock Resorts during the first quarter worth about $310,000. Louisiana State Employees Retirement System bought a new position in shares of Red Rock Resorts during the first quarter worth about $1,147,000. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Red Rock Resorts by 6.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 650,943 shares of the company's stock worth $34,734,000 after buying an additional 40,295 shares in the last quarter. Baron Wealth Management LLC grew its holdings in shares of Red Rock Resorts by 3.0% during the first quarter. Baron Wealth Management LLC now owns 15,718 shares of the company's stock worth $839,000 after buying an additional 452 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Red Rock Resorts by 34.8% during the fourth quarter. Hsbc Holdings PLC now owns 32,355 shares of the company's stock worth $2,007,000 after buying an additional 8,357 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

About Red Rock Resorts

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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