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

StockNews.com cut shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a research note released on Wednesday morning.

Several other research firms have also weighed in on MCRI. Stifel Nicolaus raised their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Macquarie reaffirmed a “neutral” rating and set a $76.00 price objective on shares of Monarch Casino & Resort in a report on Thursday, July 25th. Finally, Truist Financial raised their price objective on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd.

Monarch Casino & Resort Trading Up 0.6 %

NASDAQ:MCRI traded up $0.48 during mid-day trading on Wednesday, hitting $82.84. The company’s stock had a trading volume of 89,538 shares, compared to its average volume of 91,408. Monarch Casino & Resort has a fifty-two week low of $61.96 and a fifty-two week high of $83.91. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 18.33 and a beta of 1.73. The stock has a fifty day moving average of $77.07 and a 200-day moving average of $72.26.

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

Institutional Trading of Monarch Casino & Resort

Several hedge funds have recently modified their holdings of MCRI. Financial Management Professionals Inc. bought a new stake in shares of Monarch Casino & Resort during the third quarter valued at approximately $30,000. GAMMA Investing LLC grew its stake in shares of Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Monarch Casino & Resort during the second quarter valued at approximately $53,000. Canada Pension Plan Investment Board bought a new stake in shares of Monarch Casino & Resort during the second quarter valued at approximately $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after purchasing an additional 1,221 shares during the last quarter. 62.37% of the stock is owned by institutional investors.

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.