Monarch Casino & Resort (NASDAQ:MCRI) Lowered to Buy Rating by StockNews.com

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Tuesday.

MCRI has been the topic of several other research reports. Wells Fargo & Company initiated coverage on shares of Monarch Casino & Resort in a research report on Monday, December 16th. They issued an “underweight” rating and a $79.00 price target on the stock. Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and lifted their target price 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 stock a “hold” rating in a research note on Thursday, October 24th. Finally, Jefferies Financial Group raised their price target on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $84.00.

Monarch Casino & Resort Stock Down 0.6 %

MCRI stock opened at $84.83 on Tuesday. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 18.77 and a beta of 1.74. Monarch Casino & Resort has a 12-month low of $64.50 and a 12-month high of $89.06. The company’s fifty day simple moving average is $82.46 and its 200 day simple moving average is $78.79.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 528,436 shares in the company, valued at approximately $41,059,477.20. This represents a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 24.94% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors have recently bought and sold shares of the stock. DAVENPORT & Co LLC grew its stake in Monarch Casino & Resort by 1.6% during the fourth quarter. DAVENPORT & Co LLC now owns 1,256,305 shares of the company’s stock valued at $98,696,000 after acquiring an additional 19,845 shares in the last quarter. Janus Henderson Group PLC lifted its position in Monarch Casino & Resort by 0.9% during the third quarter. Janus Henderson Group PLC now owns 388,658 shares of the company’s stock valued at $30,809,000 after purchasing an additional 3,488 shares during the last quarter. Wellington Management Group LLP lifted its position in Monarch Casino & Resort by 3.9% during the third quarter. Wellington Management Group LLP now owns 219,625 shares of the company’s stock valued at $17,410,000 after purchasing an additional 8,283 shares during the last quarter. FMR LLC lifted its position in Monarch Casino & Resort by 1.1% during the third quarter. FMR LLC now owns 134,098 shares of the company’s stock valued at $10,630,000 after purchasing an additional 1,396 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in Monarch Casino & Resort by 518.8% during the third quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock valued at $9,280,000 after purchasing an additional 98,153 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

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.