Red Rock Resorts Inc (NASDAQ:RRR) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 4,629,100 shares, a decrease of 12.1% from the July 31st total of 5,266,400 shares. Based on an average daily volume of 763,300 shares, the short-interest ratio is presently 6.1 days. Approximately 6.9% of the company’s shares are sold short.
Shares of RRR stock traded up $0.13 during trading hours on Thursday, reaching $22.36. The company had a trading volume of 6,075 shares, compared to its average volume of 638,149. Red Rock Resorts has a 12 month low of $16.76 and a 12 month high of $30.62. The company has a debt-to-equity ratio of 3.62, a current ratio of 0.89 and a quick ratio of 0.83. The business has a fifty day simple moving average of $20.15 and a 200-day simple moving average of $23.47. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 16.98 and a beta of 2.08.
Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.04). Red Rock Resorts had a net margin of 1.75% and a return on equity of 8.09%. The company had revenue of $482.90 million during the quarter, compared to the consensus estimate of $441.48 million. During the same quarter in the prior year, the business earned $0.82 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Red Rock Resorts will post 0.46 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.10 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.79%. Red Rock Resorts’s dividend payout ratio is presently 30.53%.
In other news, Director Frank J. Fertitta III purchased 233,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $18.65 per share, for a total transaction of $4,354,775.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lorenzo J. Fertitta purchased 350,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $18.41 per share, for a total transaction of $6,443,500.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,357,799 shares of company stock worth $25,257,242. 40.19% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. LPL Financial LLC lifted its holdings in shares of Red Rock Resorts by 8.6% in the second quarter. LPL Financial LLC now owns 10,099 shares of the company’s stock valued at $217,000 after purchasing an additional 797 shares in the last quarter. Swiss National Bank increased its position in shares of Red Rock Resorts by 2.1% during the second quarter. Swiss National Bank now owns 129,700 shares of the company’s stock valued at $2,786,000 after acquiring an additional 2,700 shares during the last quarter. Verition Fund Management LLC increased its position in shares of Red Rock Resorts by 24.7% during the second quarter. Verition Fund Management LLC now owns 18,700 shares of the company’s stock valued at $402,000 after acquiring an additional 3,700 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Red Rock Resorts by 9.6% during the second quarter. UBS Asset Management Americas Inc. now owns 56,962 shares of the company’s stock valued at $1,224,000 after acquiring an additional 4,999 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Red Rock Resorts by 1,067.9% during the second quarter. Bank of Montreal Can now owns 6,412 shares of the company’s stock valued at $138,000 after acquiring an additional 5,863 shares during the last quarter. Institutional investors own 63.33% of the company’s stock.
Several research analysts have issued reports on the company. BidaskClub upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. Deutsche Bank set a $24.00 price target on Red Rock Resorts and gave the stock a “buy” rating in a report on Monday, August 12th. Macquarie upgraded Red Rock Resorts from a “neutral” rating to an “outperform” rating and set a $29.00 price target on the stock in a report on Tuesday, May 21st. Goldman Sachs Group upgraded Red Rock Resorts from a “neutral” rating to a “buy” rating and cut their price target for the stock from $31.00 to $29.00 in a report on Tuesday, June 11th. Finally, ValuEngine upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $25.86.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, engages in casino entertainment, and gaming and entertainment businesses in the United States. It operates through two segments, Las Vegas operations and Native American management. The company develops, manages, and operates casino entertainment properties; and owns and operates 10 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.
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