Red Rock Resorts (NASDAQ:RRR) Reaches New 52-Week Low – Here’s Why

Red Rock Resorts, Inc. (NASDAQ:RRR) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $42.61 and last traded at $43.10, with a volume of 23451 shares trading hands. The stock had previously closed at $43.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RRR shares. JMP Securities restated a “market outperform” rating and issued a $65.00 price objective on shares of Red Rock Resorts in a report on Monday, October 14th. Jefferies Financial Group restated a “hold” rating and set a $51.00 target price (down from $64.00) on shares of Red Rock Resorts in a research report on Friday, January 3rd. Barclays lowered their target price on Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Wells Fargo & Company lowered their price objective on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. Finally, Truist Financial decreased their target price on shares of Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.69.

Red Rock Resorts Trading Down 2.4 %

The company has a 50-day moving average of $48.99 and a 200 day moving average of $52.85. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.02 and a quick ratio of 0.96. The company has a market cap of $4.53 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 6.69 and a beta of 2.01.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Monday, December 16th. Red Rock Resorts’s dividend payout ratio is currently 37.04%.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently made changes to their positions in RRR. Quarry LP grew its holdings in Red Rock Resorts by 479.4% during the 3rd quarter. Quarry LP now owns 1,124 shares of the company’s stock valued at $61,000 after purchasing an additional 930 shares during the last quarter. US Bancorp DE increased its stake in Red Rock Resorts by 2,223.9% in the third quarter. US Bancorp DE now owns 1,557 shares of the company’s stock worth $85,000 after purchasing an additional 1,490 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of Red Rock Resorts during the second quarter valued at $98,000. nVerses Capital LLC grew its holdings in shares of Red Rock Resorts by 28.6% in the third quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock worth $196,000 after purchasing an additional 800 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new position in Red Rock Resorts in the 3rd quarter worth about $215,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

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.