Red Rock Resorts (NASDAQ:RRR) Stock Price Expected to Rise, Citizens Jmp Analyst Says

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by investment analysts at Citizens Jmp from $65.00 to $68.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s target price would suggest a potential upside of 6.99% from the stock’s current price.

A number of other analysts have also weighed in on RRR. Truist Financial set a $75.00 target price on shares of Red Rock Resorts in a research note on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Rock Resorts in a report on Wednesday, October 8th. Zacks Research downgraded shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Citigroup reaffirmed an “outperform” rating on shares of Red Rock Resorts in a research report on Wednesday. Finally, Stifel Nicolaus set a $68.00 target price on shares of Red Rock Resorts and gave the stock a “buy” rating in a research note on Monday, November 3rd. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.64.

Red Rock Resorts Stock Up 2.7%

Shares of NASDAQ RRR opened at $63.56 on Wednesday. The stock has a market cap of $6.73 billion, a P/E ratio of 20.24, a PEG ratio of 2.64 and a beta of 1.50. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 10.11. Red Rock Resorts has a 12-month low of $35.09 and a 12-month high of $64.69. The business’s fifty day simple moving average is $59.91 and its 200-day simple moving average is $58.94.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.36 by $0.32. The firm had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $477.25 million. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.Red Rock Resorts’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 EPS. As a group, equities analysts predict that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Red Rock Resorts declared that its board has approved a share buyback plan on Tuesday, October 28th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Red Rock Resorts

Several large investors have recently bought and sold shares of the stock. AQR Capital Management LLC acquired a new stake in shares of Red Rock Resorts during the first quarter worth about $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Red Rock Resorts by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company’s stock valued at $1,270,000 after purchasing an additional 1,282 shares during the period. Millennium Management LLC grew its stake in Red Rock Resorts by 56.2% during the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after buying an additional 154,839 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Red Rock Resorts by 4.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company’s stock worth $4,609,000 after buying an additional 4,699 shares during the period. Finally, Baron Wealth Management LLC acquired a new position in Red Rock Resorts during the second quarter worth approximately $775,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.