Red Rock Resorts, Inc. (NASDAQ:RRR) Sees Large Increase in Short Interest

Red Rock Resorts, Inc. (NASDAQ:RRR) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,130,000 shares, an increase of 37.7% from the February 28th total of 3,000,000 shares. Approximately 8.1% of the company’s shares are short sold. Based on an average trading volume of 593,000 shares, the days-to-cover ratio is currently 7.0 days.

Institutional Investors Weigh In On Red Rock Resorts

A number of hedge funds and other institutional investors have recently made changes to their positions in RRR. Jefferies Financial Group Inc. bought a new position in Red Rock Resorts during the 4th quarter worth $1,826,000. Voloridge Investment Management LLC raised its stake in Red Rock Resorts by 63.4% in the fourth quarter. Voloridge Investment Management LLC now owns 229,792 shares of the company’s stock valued at $10,626,000 after purchasing an additional 89,169 shares in the last quarter. ProShare Advisors LLC lifted its position in Red Rock Resorts by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 13,855 shares of the company’s stock worth $641,000 after purchasing an additional 4,560 shares during the period. Malaga Cove Capital LLC grew its stake in Red Rock Resorts by 46.8% during the fourth quarter. Malaga Cove Capital LLC now owns 13,377 shares of the company’s stock worth $619,000 after buying an additional 4,263 shares in the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in Red Rock Resorts in the 4th quarter valued at about $269,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $42.12 on Wednesday. The stock has a 50 day simple moving average of $47.81 and a 200 day simple moving average of $49.41. The stock has a market cap of $4.47 billion, a P/E ratio of 16.78, a PEG ratio of 4.32 and a beta of 2.01. Red Rock Resorts has a 1-year low of $41.46 and a 1-year high of $63.29. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 14.28.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, February 11th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.34. Red Rock Resorts had a net margin of 7.94% and a return on equity of 71.00%. Research analysts anticipate that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, March 17th. This represents a $1.00 annualized dividend and a dividend yield of 2.37%. Red Rock Resorts’s dividend payout ratio is presently 39.84%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RRR. Susquehanna raised their price target on Red Rock Resorts from $60.00 to $61.00 and gave the stock a “positive” rating in a research report on Wednesday, February 12th. Truist Financial reduced their target price on shares of Red Rock Resorts from $56.00 to $49.00 and set a “hold” rating for the company in a research note on Tuesday, January 14th. JMP Securities lowered their price objective on shares of Red Rock Resorts from $61.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, January 16th. Stifel Nicolaus raised their price target on Red Rock Resorts from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Finally, Mizuho boosted their price objective on shares of Red Rock Resorts from $44.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Red Rock Resorts has a consensus rating of “Hold” and a consensus price target of $57.33.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.