Jefferies Financial Group Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective upped by research analysts at Jefferies Financial Group from $73.00 to $88.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 13.20% from the company’s current price.

Several other analysts also recently commented on MCRI. Truist Financial raised their price objective on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus boosted their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. Wells Fargo & Company initiated coverage on Monarch Casino & Resort in a research report on Monday, December 16th. They set an “underweight” rating and a $79.00 target price for the company. Finally, StockNews.com downgraded Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Hold” and a consensus price target of $80.40.

Monarch Casino & Resort Stock Performance

Monarch Casino & Resort stock opened at $77.74 on Friday. Monarch Casino & Resort has a one year low of $64.50 and a one year high of $89.06. The stock has a fifty day moving average of $82.15 and a 200 day moving average of $76.42. The stock has a market cap of $1.43 billion, a PE ratio of 17.20 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.37 by $0.10. The firm had revenue of $137.87 million for the quarter, compared to the consensus estimate of $134.50 million. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter last year, the company earned $1.38 earnings per share. As a group, sell-side analysts predict that Monarch Casino & Resort will post 4.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of institutional investors and hedge funds have recently made changes to their positions in MCRI. Financial Management Professionals Inc. purchased a new position in shares of Monarch Casino & Resort during the 3rd quarter worth about $30,000. GAMMA Investing LLC grew its holdings in shares of Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Monarch Casino & Resort in the 2nd quarter worth about $53,000. Canada Pension Plan Investment Board bought a new position in Monarch Casino & Resort in the second quarter worth approximately $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Monarch Casino & Resort by 81.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after acquiring an additional 1,221 shares during the period. 62.37% of the stock is owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.