Red Rock Resorts (NASDAQ:RRR) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Red Rock Resorts, Inc. (NASDAQ:RRR) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $59.35 and traded as high as $62.25. Red Rock Resorts shares last traded at $61.57, with a volume of 356,337 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RRR shares. Wells Fargo & Company assumed coverage on shares of Red Rock Resorts in a report on Tuesday, November 18th. They issued an “equal weight” rating and a $58.00 price objective for the company. Morgan Stanley set a $60.00 target price on shares of Red Rock Resorts in a report on Friday, January 16th. Citizens Jmp raised their price target on shares of Red Rock Resorts from $65.00 to $68.00 and gave the stock a “market outperform” rating in a report on Wednesday, January 14th. Zacks Research lowered shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Rock Resorts in a research report on Thursday. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $66.43.

Red Rock Resorts Stock Performance

The stock has a market capitalization of $6.52 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 2.61 and a beta of 1.50. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11. The stock has a fifty day moving average of $60.50 and a 200-day moving average of $59.35.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.32. The company had revenue of $475.57 million for the quarter, compared to the consensus estimate 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 was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.48 EPS. Equities analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts declared that its Board of Directors has approved a share buyback program on Tuesday, October 28th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Red Rock Resorts

Several hedge funds have recently added to or reduced their stakes in RRR. Bamco Inc. NY lifted its stake in Red Rock Resorts by 5.7% in the second quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after acquiring an additional 666,593 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Red Rock Resorts by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company’s stock valued at $339,764,000 after purchasing an additional 349,822 shares in the last quarter. Eminence Capital LP lifted its position in shares of Red Rock Resorts by 23.4% during the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock worth $159,179,000 after purchasing an additional 581,061 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of Red Rock Resorts by 10.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock worth $92,281,000 after purchasing an additional 171,235 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Red Rock Resorts by 2,248.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after purchasing an additional 1,296,956 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company’s stock.

About Red Rock Resorts

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.