Wall Street Zen Downgrades Monarch Casino & Resort (NASDAQ:MCRI) to Hold

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other research analysts have also weighed in on the company. Macquarie restated a "neutral" rating and issued a $92.00 price objective on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Stifel Nicolaus decreased their price objective on Monarch Casino & Resort from $90.00 to $81.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Finally, Truist Financial decreased their price objective on Monarch Casino & Resort from $105.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $88.60.

Monarch Casino & Resort Price Performance

Shares of MCRI stock opened at $89.63 on Friday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 17.68 and a beta of 1.54. The stock has a 50 day simple moving average of $83.29 and a 200-day simple moving average of $82.59. Monarch Casino & Resort has a 1-year low of $65.94 and a 1-year high of $96.11.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.01. The company had revenue of $125.39 million for the quarter, compared to analyst estimates of $122.70 million. Monarch Casino & Resort had a return on equity of 18.53% and a net margin of 18.19%. Analysts anticipate that Monarch Casino & Resort will post 5.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MCRI. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Monarch Casino & Resort during the 4th quarter worth $19,346,000. Invesco Ltd. raised its holdings in shares of Monarch Casino & Resort by 147.1% during the 1st quarter. Invesco Ltd. now owns 222,770 shares of the company's stock worth $17,320,000 after acquiring an additional 132,599 shares during the period. Nuveen LLC purchased a new position in shares of Monarch Casino & Resort during the 1st quarter worth $9,872,000. Raymond James Financial Inc. purchased a new position in shares of Monarch Casino & Resort during the 4th quarter worth $6,118,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Monarch Casino & Resort during the 1st quarter worth $5,904,000. Hedge funds and other institutional investors own 62.37% of the company's stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.

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