Monarch Casino & Resort (NASDAQ:MCRI) Raised to Buy at Truist Financial

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by stock analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $100.00 price objective on the stock, up from their previous price objective of $82.00. Truist Financial’s price target would indicate a potential upside of 26.71% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. Stifel Nicolaus raised their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Jefferies Financial Group increased their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research note on Friday, January 3rd. StockNews.com raised Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 9th. Finally, Wells Fargo & Company assumed coverage on shares of Monarch Casino & Resort in a report on Monday, December 16th. They set an “underweight” rating and a $79.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $84.00.

Monarch Casino & Resort Price Performance

Shares of MCRI opened at $78.92 on Tuesday. The company has a 50-day simple moving average of $82.09 and a two-hundred day simple moving average of $76.98. The firm has a market capitalization of $1.45 billion, a PE ratio of 17.46 and a beta of 1.73. Monarch Casino & Resort has a one year low of $64.50 and a one year high of $89.06.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, beating 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 company had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. During the same period in the previous year, the company posted $1.38 earnings per share. Analysts expect that Monarch Casino & Resort will post 4.72 EPS for the current fiscal year.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total transaction 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. The trade was a 0.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 24.94% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MCRI. Trust Point Inc. boosted its stake in Monarch Casino & Resort by 1.5% during the third quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock valued at $873,000 after buying an additional 162 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after acquiring an additional 178 shares in the last quarter. Sei Investments Co. boosted its position in shares of Monarch Casino & Resort by 1.4% during the 2nd quarter. Sei Investments Co. now owns 19,697 shares of the company’s stock valued at $1,342,000 after acquiring an additional 271 shares during the last quarter. Financial Management Professionals Inc. bought a new position in shares of Monarch Casino & Resort during the 3rd quarter valued at approximately $30,000. Finally, Franklin Resources Inc. grew its holdings in shares of Monarch Casino & Resort by 7.3% in the third quarter. Franklin Resources Inc. now owns 8,822 shares of the company’s stock valued at $665,000 after purchasing an additional 597 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

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.