Wells Fargo & Company Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Key Points

• Wells Fargo & Company has increased its target price for Monarch Casino & Resort from $89.00 to $91.00, maintaining an "equal weight" rating, yet indicating a potential downside of 2.07% from the stock's previous close.
• Several other analysts have provided mixed ratings, with Stifel Nicolaus raising their target to $97.00, while Zacks Research downgraded their rating to "hold," leading to an average consensus price target of $94.60.
• Monarch Casino & Resort reported earnings of $1.69 EPS for the quarter, surpassing analyst expectations, with a revenue of $142.81 million, which fell slightly short of the forecasted $145.54 million.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) had its target price increased by investment analysts at Wells Fargo & Company from $89.00 to $91.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective suggests a potential downside of 2.07% from the stock's previous close.

A number of other research analysts also recently issued reports on the company. Stifel Nicolaus upped their price target on Monarch Casino & Resort from $92.00 to $97.00 and gave the company a "hold" rating in a report on Wednesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Monarch Casino & Resort in a research note on Tuesday, October 14th. Zacks Research downgraded shares of Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Truist Financial boosted their price objective on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Monarch Casino & Resort currently has an average rating of "Hold" and a consensus price target of $94.60.

Monarch Casino & Resort Stock Performance

Shares of MCRI traded down $4.28 during mid-day trading on Wednesday, reaching $92.93. The company had a trading volume of 5,227 shares, compared to its average volume of 107,253. Monarch Casino & Resort has a 52 week low of $69.99 and a 52 week high of $113.88. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 17.48 and a beta of 1.49. The firm has a 50-day moving average price of $101.66 and a 200 day moving average price of $91.50.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Tuesday, October 21st. The company reported $1.69 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $0.06. The business had revenue of $142.81 million during the quarter, compared to analyst estimates of $145.54 million. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. As a group, research analysts forecast that Monarch Casino & Resort will post 5.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Monarch Casino & Resort by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 1,028,325 shares of the company's stock valued at $79,952,000 after purchasing an additional 24,616 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Monarch Casino & Resort by 5.5% during the 2nd quarter. American Century Companies Inc. now owns 471,072 shares of the company's stock valued at $40,719,000 after purchasing an additional 24,472 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Monarch Casino & Resort by 20.0% during the 2nd quarter. Geode Capital Management LLC now owns 391,868 shares of the company's stock valued at $33,877,000 after purchasing an additional 65,272 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Monarch Casino & Resort by 40.1% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 343,565 shares of the company's stock valued at $26,712,000 after buying an additional 98,371 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Monarch Casino & Resort by 10.9% during the 1st quarter. Wellington Management Group LLP now owns 233,513 shares of the company's stock valued at $18,156,000 after buying an additional 23,010 shares in the last quarter. Institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Company Profile

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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