Truist Financial Raises Monarch Casino & Resort (NASDAQ:MCRI) Price Target to $144.00

Key Points

• Truist Financial raised its price target on Monarch Casino & Resort to $144 from $125 and kept a buy rating, implying about 14.5% upside from the current share price.
• Despite the higher target, the broader analyst view remains mixed: the stock has an average Hold rating, with two Buy ratings and four Hold ratings overall, and a consensus price target of $119.60.
• Monarch Casino & Resort recently reported better-than-expected quarterly results, posting $1.52 EPS versus $1.15 expected and revenue of $136.55 million, while the stock traded up 2.2% to $125.80 on Monday.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) had its price objective boosted by research analysts at Truist Financial from $125.00 to $144.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price target would indicate a potential upside of 14.47% from the company's current price.

Other research analysts have also recently issued research reports about the stock. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Jefferies Financial Group restated a "hold" rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Wells Fargo & Company raised their target price on shares of Monarch Casino & Resort from $99.00 to $116.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 14th. Zacks Research downgraded Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Monarch Casino & Resort has an average rating of "Hold" and an average target price of $119.60.

Monarch Casino & Resort Trading Up 2.2%

MCRI stock traded up $2.77 during mid-day trading on Monday, reaching $125.80. 14,315 shares of the stock traded hands, compared to its average volume of 141,227. The stock's fifty day moving average is $124.26 and its 200-day moving average is $107.40. Monarch Casino & Resort has a 52-week low of $88.13 and a 52-week high of $135.93. The company has a market cap of $2.23 billion, a P/E ratio of 21.32 and a beta of 1.29.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The business had revenue of $136.55 million during the quarter, compared to analysts' expectations of $128.49 million. Monarch Casino & Resort's quarterly revenue was up 8.9% on a year-over-year basis. Equities research analysts expect that Monarch Casino & Resort will post 7.07 earnings per share for the current year.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the firm's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the transaction, the chief executive officer directly owned 616,556 shares of the company's stock, valued at $74,504,627.04. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 26.34% of the company's stock.

Institutional Investors Weigh In On Monarch Casino & Resort

Large investors have recently bought and sold shares of the stock. Qube Research & Technologies Ltd raised its stake in shares of Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company's stock valued at $19,951,000 after buying an additional 82,035 shares during the period. Hillsdale Investment Management Inc. bought a new position in shares of Monarch Casino & Resort during the 4th quarter worth $7,244,000. Arrowstreet Capital Limited Partnership increased its holdings in Monarch Casino & Resort by 64.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company's stock worth $18,943,000 after acquiring an additional 70,185 shares during the last quarter. Invesco Ltd. increased its holdings in Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company's stock worth $18,601,000 after acquiring an additional 53,745 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Monarch Casino & Resort by 2,489.3% in the 4th quarter. Pacer Advisors Inc. now owns 50,311 shares of the company's stock valued at $4,815,000 after acquiring an additional 48,368 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.