Red Rock Resorts (NASDAQ:RRR) Price Target Cut to $58.00

Red Rock Resorts (NASDAQ:RRR) had its price objective reduced by equities researchers at Truist Financial from $63.00 to $58.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price target indicates a potential upside of 13.24% from the company’s current price.

Several other brokerages also recently weighed in on RRR. JPMorgan Chase & Co. lifted their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Susquehanna boosted their target price on Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 24th. Wells Fargo & Company reduced their price target on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 17th. Stifel Nicolaus upped their price objective on Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Barclays increased their price objective on Red Rock Resorts from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $62.58.

Red Rock Resorts Stock Up 1.9 %

RRR opened at $51.22 on Wednesday. The business has a 50 day moving average price of $54.35 and a two-hundred day moving average price of $54.45. Red Rock Resorts has a 52 week low of $37.82 and a 52 week high of $63.28. The company has a market cap of $5.41 billion, a PE ratio of 17.78, a P/E/G ratio of 5.42 and a beta of 2.04. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.16. The firm had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. As a group, research analysts anticipate that Red Rock Resorts will post 1.64 EPS for the current year.

Insider Transactions at Red Rock Resorts

In other Red Rock Resorts news, VP Lorenzo J. Fertitta acquired 33,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the purchase, the vice president now owns 47,546,301 shares in the company, valued at approximately $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Frank J. Fertitta III acquired 67,000 shares of Red Rock Resorts stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the transaction, the chief executive officer now directly owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $49.77 per share, with a total value of $1,642,410.00. Following the transaction, the vice president now owns 47,546,301 shares in the company, valued at $2,366,379,400.77. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 200,000 shares of company stock valued at $10,426,000 in the last 90 days. 53.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds have recently modified their holdings of RRR. Bamco Inc. NY raised its holdings in Red Rock Resorts by 0.5% in the 1st quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock valued at $622,672,000 after acquiring an additional 50,246 shares during the last quarter. Vanguard Group Inc. increased its stake in Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after purchasing an additional 209,593 shares during the last quarter. Eminence Capital LP lifted its position in Red Rock Resorts by 23.7% during the second quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock worth $107,265,000 after buying an additional 374,128 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in Red Rock Resorts by 26.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock worth $65,706,000 after buying an additional 251,855 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Red Rock Resorts by 6.6% in the second quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock worth $22,200,000 after acquiring an additional 24,992 shares during the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

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.