Wells Fargo & Company Cuts 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 target price reduced by equities research analysts at Wells Fargo & Company from $36.00 to $34.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 38.55% from the company's previous close.

A number of other research analysts have also commented on GDEN. Macquarie decreased their price objective on Golden Entertainment from $38.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday. Truist Financial downgraded Golden Entertainment from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $36.00 to $34.00 in a research report on Wednesday, July 16th. JMP Securities reduced their price objective on shares of Golden Entertainment from $36.00 to $35.00 and set a "market outperform" rating on the stock in a research note on Friday, July 18th. Wall Street Zen upgraded Golden Entertainment from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Golden Entertainment in a research note on Friday, July 18th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Golden Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Golden Entertainment Trading Down 2.7%

NASDAQ GDEN opened at $24.54 on Tuesday. The stock has a market capitalization of $648.59 million, a price-to-earnings ratio of 45.45 and a beta of 1.83. The stock's 50 day moving average price is $28.84 and its two-hundred day moving average price is $28.68. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.87 and a current ratio of 0.95. Golden Entertainment has a 52 week low of $22.66 and a 52 week high of $35.49.

Golden Entertainment (NASDAQ:GDEN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. The company had revenue of $163.62 million for the quarter, compared to analysts' expectations of $169.70 million. Golden Entertainment had a return on equity of 3.16% and a net margin of 2.35%. As a group, analysts anticipate that Golden Entertainment will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of Golden Entertainment

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC purchased a new position in Golden Entertainment during the 2nd quarter valued at about $35,000. Lazard Asset Management LLC lifted its stake in shares of Golden Entertainment by 405.7% in the 4th quarter. Lazard Asset Management LLC now owns 1,871 shares of the company's stock valued at $59,000 after acquiring an additional 1,501 shares during the last quarter. Inscription Capital LLC bought a new position in Golden Entertainment during the 1st quarter valued at approximately $165,000. GAMMA Investing LLC raised its position in Golden Entertainment by 1,136.9% during the 1st quarter. GAMMA Investing LLC now owns 6,729 shares of the company's stock valued at $178,000 after purchasing an additional 6,185 shares during the last quarter. Finally, Creative Planning bought a new position in Golden Entertainment during the 2nd quarter valued at approximately $201,000. 70.73% of the stock is currently owned by institutional investors.

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.

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