Truist Financial Issues Positive Forecast for Monarch Casino & Resort (NASDAQ:MCRI) Stock Price

Key Points

• Truist Financial raised its price target on Monarch from $120 to $125 and maintains a "buy" rating, implying about a 26.8% upside from the prior close.
• Monarch beat quarterly estimates with $1.52 EPS vs. $1.15 expected and $136.6M revenue (up 8.9% year-over-year), posting an 18.6% net margin and analysts forecast roughly 5.95 EPS for the year.
• The stock trades near $98.58 (12‑month range $74.39–$113.88) with a $1.75B market cap; insiders own 25.52% (the CEO sold 2,000 shares) and institutions hold 62.37% of shares.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) had its price target upped by analysts at Truist Financial from $120.00 to $125.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 26.80% from the stock's previous close.

MCRI has been the topic of several other research reports. Wells Fargo & Company lifted their price target on shares of Monarch Casino & Resort from $93.00 to $97.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. Zacks Research cut shares of Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $112.00 price target on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $105.60.

Monarch Casino & Resort Trading Down 0.6%

NASDAQ:MCRI opened at $98.58 on Wednesday. Monarch Casino & Resort has a 12 month low of $74.39 and a 12 month high of $113.88. The company has a market cap of $1.75 billion, a PE ratio of 18.15 and a beta of 1.30. The company has a 50 day simple moving average of $97.14 and a two-hundred day simple moving average of $95.69.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.37. The business had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. The company's revenue for the quarter was up 8.9% on a year-over-year basis. Research analysts forecast that Monarch Casino & Resort will post 5.95 earnings per share for the current year.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction on Monday, March 16th. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00. Following the transaction, the chief executive officer owned 536,304 shares in the company, valued at approximately $53,094,096. The trade was a 0.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 25.52% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCRI. AQR Capital Management LLC lifted its stake in shares of Monarch Casino & Resort by 36.0% during the 1st quarter. AQR Capital Management LLC now owns 57,731 shares of the company's stock valued at $4,489,000 after buying an additional 15,295 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Monarch Casino & Resort by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company's stock valued at $592,000 after buying an additional 316 shares in the last quarter. Creative Planning purchased a new position in shares of Monarch Casino & Resort during the 2nd quarter valued at $283,000. Quantbot Technologies LP purchased a new position in shares of Monarch Casino & Resort during the 2nd quarter valued at $431,000. Finally, First Trust Advisors LP lifted its stake in shares of Monarch Casino & Resort by 9.5% during the 2nd quarter. First Trust Advisors LP now owns 41,109 shares of the company's stock valued at $3,553,000 after buying an additional 3,574 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company's flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property's showroom.

Monarch's revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

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