Wells Fargo & Company Lowers Golden Entertainment (NASDAQ:GDEN) Price Target to $34.00

Key Points

• Wells Fargo & Company has reduced the price target for Golden Entertainment from $36.00 to $34.00, while maintaining an "overweight" rating.
• Despite the downgrade, the new target price suggests a potential upside of 38.55% based on the company's previous close.
• Golden Entertainment reported earnings of $0.17 per share, which exceeded analysts' expectations, but its revenue of $163.62 million fell short of projections.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) had its price objective dropped by equities researchers at Wells Fargo & Company from $36.00 to $34.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 36.66% from the company's current price.

GDEN has been the subject of a number of other reports. Citigroup reaffirmed an "outperform" rating on shares of Golden Entertainment in a research report on Friday, July 18th. JMP Securities reduced their price objective on shares of Golden Entertainment from $36.00 to $35.00 and set a "market outperform" rating for the company in a research report on Friday, July 18th. Macquarie dropped their target price on Golden Entertainment from $38.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Wall Street Zen raised Golden Entertainment from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Truist Financial downgraded Golden Entertainment from a "buy" rating to a "hold" rating and dropped their target price for the stock from $36.00 to $34.00 in a report on Wednesday, July 16th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.33.

Golden Entertainment Stock Performance

GDEN stock traded down $0.40 during midday trading on Tuesday, reaching $24.88. 434,041 shares of the company were exchanged, compared to its average volume of 224,650. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.12 and a quick ratio of 0.87. The business has a 50-day moving average price of $28.69 and a two-hundred day moving average price of $28.53. Golden Entertainment has a one year low of $22.66 and a one year high of $35.49. The firm has a market capitalization of $650.81 million, a price-to-earnings ratio of 46.07 and a beta of 1.83.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. Golden Entertainment had a net margin of 2.35% and a return on equity of 3.23%. The firm had revenue of $163.62 million during the quarter, compared to analysts' expectations of $169.70 million. Equities research analysts forecast that Golden Entertainment will post 0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. DAVENPORT & Co LLC raised its stake in Golden Entertainment by 3.7% in the second quarter. DAVENPORT & Co LLC now owns 1,484,882 shares of the company's stock valued at $43,818,000 after purchasing an additional 53,582 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in Golden Entertainment by 5.2% in the second quarter. Gamco Investors INC. ET AL now owns 868,146 shares of the company's stock valued at $25,550,000 after purchasing an additional 42,720 shares in the last quarter. Penn Capital Management Company LLC raised its stake in Golden Entertainment by 29.3% in the first quarter. Penn Capital Management Company LLC now owns 674,024 shares of the company's stock valued at $17,827,000 after purchasing an additional 152,805 shares in the last quarter. Hill Path Capital LP raised its stake in Golden Entertainment by 477.8% in the second quarter. Hill Path Capital LP now owns 655,625 shares of the company's stock valued at $19,295,000 after purchasing an additional 542,150 shares in the last quarter. Finally, Deprince Race & Zollo Inc. acquired a new position in Golden Entertainment in the fourth quarter valued at about $17,704,000. Institutional investors and hedge funds own 70.73% of the company's stock.

Golden Entertainment Company Profile

Golden Entertainment, Inc owns and operates a diversified entertainment platform in the United States. The company operates through four segments; Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. It also operates casino, casino resorts, and taverns; and slot machines in third party non-casino locations.