Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $82.00 at Wells Fargo & Company

Monarch Casino & Resort (NASDAQ:MCRI) had its target price increased by equities research analysts at Wells Fargo & Company from $79.00 to $82.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 10.35% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and boosted their price objective for the company from $82.00 to $100.00 in a report on Tuesday, January 14th. Stifel Nicolaus upped their price target 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. Jefferies Financial Group boosted their price objective on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a research report on Friday, January 3rd. Finally, StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $87.20.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock traded up $5.66 on Wednesday, reaching $91.47. The company had a trading volume of 25,730 shares, compared to its average volume of 86,008. The firm’s 50-day moving average price is $82.62 and its two-hundred day moving average price is $79.39. Monarch Casino & Resort has a 1 year low of $64.50 and a 1 year high of $93.36. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 20.27 and a beta of 1.74.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same quarter in the previous year, the firm posted $1.03 earnings per share. As a group, analysts anticipate that Monarch Casino & Resort will post 4.73 EPS for the current year.

Insider Activity

In other news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at approximately $41,059,477.20. This trade represents a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 24.94% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Trust Point Inc. increased its stake in shares of Monarch Casino & Resort by 1.5% during the third quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock worth $873,000 after buying an additional 162 shares during the period. GAMMA Investing LLC increased its holdings in shares of Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after acquiring an additional 178 shares during the last quarter. Heritage Family Offices LLP raised its position in shares of Monarch Casino & Resort by 7.0% during the 4th quarter. Heritage Family Offices LLP now owns 2,993 shares of the company’s stock worth $236,000 after acquiring an additional 196 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in Monarch Casino & Resort by 0.9% in the fourth quarter. New York State Teachers Retirement System now owns 24,706 shares of the company’s stock valued at $1,949,000 after purchasing an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in Monarch Casino & Resort by 2.6% in the fourth quarter. Exchange Traded Concepts LLC now owns 9,948 shares of the company’s stock valued at $785,000 after purchasing an additional 250 shares during the last quarter. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

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.