Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives Consensus Rating of “Reduce” from Brokerages

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has been given a consensus recommendation of “Reduce” by the four analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $78.50.

Several brokerages recently commented on MCRI. Jefferies Financial Group lifted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday. Stifel Nicolaus raised their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Truist Financial upped their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company started coverage on shares of Monarch Casino & Resort in a research report on Monday, December 16th. They set an “underweight” rating and a $79.00 price objective for the company. Finally, StockNews.com lowered Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 17th.

Monarch Casino & Resort Stock Performance

Shares of MCRI opened at $77.74 on Friday. The firm has a market cap of $1.43 billion, a PE ratio of 17.20 and a beta of 1.72. The firm’s 50 day moving average price is $82.15 and its 200 day moving average price is $76.42. Monarch Casino & Resort has a twelve month low of $64.50 and a twelve month high of $89.06.

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

Institutional Inflows and Outflows

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