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

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by stock analysts at Citigroup from $63.00 to $76.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 23.38% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Rock Resorts in a report on Thursday, January 22nd. Morgan Stanley set a $62.00 price objective on Red Rock Resorts in a research note on Thursday. Macquarie Infrastructure lifted their price objective on Red Rock Resorts from $67.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. Citizens Jmp increased their target price on Red Rock Resorts from $65.00 to $68.00 and gave the stock a “market outperform” rating in a report on Wednesday, January 14th. Finally, Wells Fargo & Company raised their price target on Red Rock Resorts from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $70.71.

Red Rock Resorts Stock Down 0.8%

RRR stock opened at $61.60 on Thursday. Red Rock Resorts has a fifty-two week low of $35.09 and a fifty-two week high of $68.99. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70. The stock has a market capitalization of $6.52 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.74 and a beta of 1.49. The business’s fifty day moving average price is $62.27 and its two-hundred day moving average price is $60.11.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.12%. The business had revenue of $511.78 million for the quarter, compared to the consensus estimate of $500.90 million. During the same period in the prior year, the company posted $0.76 earnings per share. Red Rock Resorts’s revenue was up 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts announced that its board has approved a stock repurchase program on Tuesday, October 28th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Red Rock Resorts

Several large investors have recently modified their holdings of RRR. Arrowstreet Capital Limited Partnership grew its stake in shares of Red Rock Resorts by 2,248.2% in 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 during the last quarter. State Street Corp lifted its holdings in Red Rock Resorts by 62.1% during the 4th quarter. State Street Corp now owns 1,814,812 shares of the company’s stock worth $112,428,000 after buying an additional 695,575 shares during the period. Bamco Inc. NY grew its position in shares of Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock valued at $638,356,000 after buying an additional 666,593 shares during the last quarter. Eminence Capital LP increased its stake in shares of Red Rock Resorts by 23.4% in the second quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock valued at $159,179,000 after buying an additional 581,061 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Red Rock Resorts by 6.7% during the third quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company’s stock worth $339,764,000 after acquiring an additional 349,822 shares during the last quarter. Institutional investors 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.