Wells Fargo & Company Issues Positive Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Key Points

• Wells Fargo raised Red Rock Resorts’ price target to $77 from $75 and maintained an “overweight” rating, implying 16.23% upside. Analysts collectively hold a “Moderate Buy” consensus with an average target of $71.41.
• Red Rock Resorts reported quarterly EPS of $0.67, beating estimates of $0.51, while revenue of $510.26 million also exceeded forecasts. However, revenue declined 3% year over year.
• The stock opened at $66.25 and was up 3.1%, near its 52-week high of $68.99. Institutional investors own 47.84% of the company, with several funds recently increasing or initiating positions.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) had its price objective hoisted by analysts at Wells Fargo & Company from $75.00 to $77.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 16.23% from the stock's current price.

RRR has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $72.00 price objective on shares of Red Rock Resorts in a research report on Thursday, April 30th. JPMorgan Chase & Co. raised their target price on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Morgan Stanley set a $61.00 price target on shares of Red Rock Resorts in a report on Wednesday, July 22nd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $73.00 price target on shares of Red Rock Resorts in a research report on Wednesday, July 15th. Finally, Truist Financial boosted their target price on Red Rock Resorts from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Red Rock Resorts currently has a consensus rating of "Moderate Buy" and an average price target of $71.41.

Red Rock Resorts Trading Up 3.1%

Shares of NASDAQ RRR opened at $66.25 on Wednesday. Red Rock Resorts has a 1-year low of $50.52 and a 1-year high of $68.99. The business has a fifty day moving average price of $62.69 and a 200 day moving average price of $59.84. The stock has a market capitalization of $6.96 billion, a P/E ratio of 21.30, a price-to-earnings-growth ratio of 4.82 and a beta of 1.36. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.16. The company had revenue of $510.26 million for the quarter, compared to analyst estimates of $500.08 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm's quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Equities research analysts expect that Red Rock Resorts will post 1.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RRR. Valeo Financial Advisors LLC grew its position in Red Rock Resorts by 4.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company's stock worth $338,000 after purchasing an additional 234 shares during the period. SWP Investment Management LLC acquired a new stake in Red Rock Resorts during the second quarter worth about $2,782,000. Empowered Funds LLC purchased a new stake in Red Rock Resorts in the 1st quarter worth approximately $269,000. Segall Bryant & Hamill LLC increased its holdings in shares of Red Rock Resorts by 123.6% during the 1st quarter. Segall Bryant & Hamill LLC now owns 36,165 shares of the company's stock valued at $1,930,000 after purchasing an additional 19,991 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of Red Rock Resorts by 28.0% in the 1st quarter. California State Teachers Retirement System now owns 59,735 shares of the company's stock valued at $3,187,000 after purchasing an additional 13,055 shares during the period. Hedge funds and other institutional investors own 47.84% of the company's stock.

About Red Rock Resorts

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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