Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Short Interest Up 25.1% in November

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 196,400 shares, a growth of 25.1% from the October 31st total of 157,000 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average daily trading volume, of 113,700 shares, the short-interest ratio is presently 1.7 days.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd bought a new stake in Monarch Casino & Resort in the first quarter valued at approximately $239,000. Price T Rowe Associates Inc. MD increased its position in shares of Monarch Casino & Resort by 13.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,851 shares of the company’s stock worth $289,000 after acquiring an additional 443 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of Monarch Casino & Resort during the first quarter worth $2,822,000. Manning & Napier Advisors LLC bought a new stake in Monarch Casino & Resort in the 2nd quarter valued at $3,307,000. Finally, Annex Advisory Services LLC boosted its stake in Monarch Casino & Resort by 12.0% in the 2nd quarter. Annex Advisory Services LLC now owns 15,768 shares of the company’s stock worth $1,074,000 after purchasing an additional 1,690 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI traded up $0.33 during trading on Monday, reaching $84.34. The company had a trading volume of 16,245 shares, compared to its average volume of 119,345. The business’s 50 day moving average price is $79.58 and its 200-day moving average price is $73.95. Monarch Casino & Resort has a 52 week low of $62.93 and a 52 week high of $86.68. The stock has a market cap of $1.55 billion, a PE ratio of 18.65 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.10. The business had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter in the prior year, the firm posted $1.38 earnings per share. Equities analysts anticipate that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. StockNews.com upgraded Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Finally, Truist Financial raised their target price on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.