Insider Selling: Monarch Casino & Resort Major Shareholder Sells 8,292 Shares of Stock (MCRI)
Monarch Casino & Resort (NASDAQ:MCRI) major shareholder Ben Farahi unloaded 8,292 shares of Monarch Casino & Resort stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $22.00, for a total value of $182,424.00. Following the sale, the insider now directly owns 1,215,772 shares in the company, valued at approximately $26,746,984. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
MCRI has been the subject of a number of recent research reports. Analysts at Brean Capital downgraded shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. They now have a $20.00 price target on the stock. Separately, analysts at Thomson Reuters/Verus downgraded shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note to investors on Monday. Finally, analysts at Zacks downgraded shares of Monarch Casino & Resort from an “outperform” rating to a “neutral” rating in a research note to investors on Thursday, September 26th. They now have a $22.80 price target on the stock. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.52.
Monarch Casino & Resort (NASDAQ:MCRI) traded down 14.94% on Wednesday, hitting $18.68. The stock had a trading volume of 392,473 shares. Monarch Casino & Resort has a 52 week low of $7.65 and a 52 week high of $21.00. The stock’s 50-day moving average is $19.75 and its 200-day moving average is $14.98. The company has a market cap of $305.8 million and a P/E ratio of 22.57.
Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Tuesday, October 22nd. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. During the same quarter in the previous year, the company posted $0.25 earnings per share. Analysts expect that Monarch Casino & Resort will post $1.06 EPS for the current fiscal year.
Monarch Casino & Resort, Inc (NASDAQ:MCRI), through its wholly owned subsidiary, Golden Road Motor Inn, Inc (Golden Road), owns and operates the Atlantis Casino Resort Spa(the Atlantis), a hotel/casino facility in Reno, Nevada.
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