Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives $84.00 Average Price Target from Analysts

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has received an average rating of “Hold” from the five ratings firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $84.00.

MCRI has been the topic of several research reports. Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and increased their price target for the stock from $82.00 to $100.00 in a research report on Tuesday, January 14th. Stifel Nicolaus raised their price target on shares of 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 started coverage on Monarch Casino & Resort in a research report on Monday, December 16th. They set an “underweight” rating and a $79.00 price objective on the stock. Jefferies Financial Group lifted their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a report on Friday, January 3rd. Finally, StockNews.com downgraded Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 22nd.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the completion of the sale, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at $41,059,477.20. The trade was a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.94% of the stock is owned by insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. purchased a new position in Monarch Casino & Resort during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC grew 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 acquiring an additional 178 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Monarch Casino & Resort in the 4th quarter valued at $53,000. KBC Group NV raised its position in Monarch Casino & Resort by 67.8% in the 4th quarter. KBC Group NV now owns 980 shares of the company’s stock valued at $77,000 after purchasing an additional 396 shares during the last quarter. Finally, Independence Bank of Kentucky acquired a new stake in Monarch Casino & Resort during the 4th quarter worth $93,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

Shares of MCRI opened at $85.34 on Tuesday. The firm has a 50-day simple moving average of $82.49 and a two-hundred day simple moving average of $78.62. The stock has a market cap of $1.57 billion, a PE ratio of 18.88 and a beta of 1.73. Monarch Casino & Resort has a 1-year low of $64.50 and a 1-year high of $89.06.

About Monarch Casino & Resort

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.