Wells Fargo & Company Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its price target raised by stock analysts at Wells Fargo & Company from $92.00 to $93.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 5.94% from the stock’s previous close.

Several other research analysts also recently commented on MCRI. Jefferies Financial Group reissued a “hold” rating and set a $112.00 price target on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Stifel Nicolaus lifted their target price on shares of Monarch Casino & Resort from $92.00 to $97.00 and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Finally, Wall Street Zen cut Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Monarch Casino & Resort has an average rating of “Hold” and an average target price of $99.80.

Monarch Casino & Resort Price Performance

NASDAQ MCRI opened at $98.87 on Thursday. The company’s 50 day simple moving average is $94.88 and its two-hundred day simple moving average is $97.81. Monarch Casino & Resort has a 1 year low of $69.99 and a 1 year high of $113.88. The stock has a market capitalization of $1.80 billion, a PE ratio of 18.21 and a beta of 1.34.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.12). The business had revenue of $140.00 million during the quarter, compared to analysts’ expectations of $139.39 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. The business’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.22 EPS. On average, research analysts anticipate that Monarch Casino & Resort will post 5.13 EPS for the current year.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $100.63, for a total transaction of $100,630.00. Following the completion of the transaction, the chief executive officer directly owned 553,110 shares of the company’s stock, valued at $55,659,459.30. This trade represents a 0.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 25.52% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC lifted its holdings in shares of Monarch Casino & Resort by 199.1% during the third quarter. Farther Finance Advisors LLC now owns 329 shares of the company’s stock valued at $35,000 after purchasing an additional 219 shares in the last quarter. Osaic Holdings Inc. raised its position in Monarch Casino & Resort by 210.0% in the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after buying an additional 315 shares during the last quarter. USA Financial Formulas bought a new position in Monarch Casino & Resort during the 3rd quarter valued at about $47,000. TD Private Client Wealth LLC boosted its holdings in shares of Monarch Casino & Resort by 57.1% during the 3rd quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock valued at $63,000 after acquiring an additional 216 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Monarch Casino & Resort by 46.4% in the third quarter. Blue Trust Inc. now owns 612 shares of the company’s stock worth $65,000 after acquiring an additional 194 shares during the period. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.