Wall Street Zen Upgrades Red Rock Resorts (NASDAQ:RRR) to Hold

Key Points

• Wall Street Zen upgraded Red Rock Resorts from “sell” to “hold,” adding to a generally positive analyst backdrop. The stock now has a consensus rating of Moderate Buy with an average price target of $68.12.
• Red Rock Resorts shares rose 1.1% to $64.21 on Friday, with the company carrying a market cap of $6.74 billion. The stock has traded between $50.52 and $68.99 over the past 52 weeks.
• The company recently reported Q1 earnings of $0.73 per share, missing estimates of $0.90, while revenue of $507.32 million slightly topped expectations. Revenue increased 1.9% year over year, and analysts expect $1.53 EPS for the full fiscal year.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Sunday.

A number of other research analysts have also commented on RRR. Morgan Stanley set a $59.00 price target on Red Rock Resorts in a research report on Wednesday, May 6th. Jefferies Financial Group restated a "buy" rating on shares of Red Rock Resorts in a report on Thursday, July 2nd. Barclays raised their price target on Red Rock Resorts from $65.00 to $72.00 and gave the stock an "overweight" rating in a research note on Thursday. The Goldman Sachs Group assumed coverage on shares of Red Rock Resorts in a research report on Friday, June 26th. They set a "buy" rating and a $72.00 price objective on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Red Rock Resorts from $73.00 to $66.00 and set an "overweight" rating for the company in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $68.12.

Red Rock Resorts Trading Up 1.1%

Red Rock Resorts stock traded up $0.72 during trading hours on Friday, reaching $64.21. The stock had a trading volume of 477,221 shares, compared to its average volume of 716,029. The stock has a market cap of $6.74 billion, a PE ratio of 20.65, a PEG ratio of 4.86 and a beta of 1.35. Red Rock Resorts has a 52 week low of $50.52 and a 52 week high of $68.99. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The company has a fifty day simple moving average of $58.77 and a 200-day simple moving average of $59.58.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.17). The firm had revenue of $507.32 million for the quarter, compared to the consensus estimate of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The business's revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $0.75 earnings per share. Analysts forecast that Red Rock Resorts will post 1.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership grew its stake in shares of Red Rock Resorts by 2,248.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company's stock worth $82,715,000 after buying an additional 1,296,956 shares during the last quarter. Invesco Ltd. boosted its holdings in Red Rock Resorts by 345.6% in the fourth quarter. Invesco Ltd. now owns 1,054,086 shares of the company's stock worth $65,301,000 after acquiring an additional 817,524 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Red Rock Resorts in the fourth quarter worth $45,724,000. State Street Corp grew its stake in shares of Red Rock Resorts by 62.1% in the fourth quarter. State Street Corp now owns 1,814,812 shares of the company's stock worth $112,428,000 after acquiring an additional 695,575 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Red Rock Resorts by 656.8% during the fourth quarter. Millennium Management LLC now owns 373,038 shares of the company's stock valued at $23,110,000 after acquiring an additional 323,749 shares in the last quarter. 47.84% of the stock is currently owned by 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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