Bank of America Forecasts Strong Price Appreciation for Red Rock Resorts (NASDAQ:RRR) Stock

Red Rock Resorts (NASDAQ:RRR) had its price objective hoisted by Bank of America from $60.00 to $70.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential upside of 9.00% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $72.00 target price on shares of Red Rock Resorts in a research note on Thursday, April 30th. Stifel Nicolaus set a $70.00 price target on shares of Red Rock Resorts in a research note on Friday, May 29th. Jefferies Financial Group reissued a “buy” rating on shares of Red Rock Resorts in a research report on Thursday, July 2nd. Zacks Research lowered shares of Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, July 10th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $71.12.

Red Rock Resorts Stock Down 1.1%

Red Rock Resorts stock opened at $64.22 on Monday. The company has a market capitalization of $6.75 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 4.92 and a beta of 1.35. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. Red Rock Resorts has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The firm has a 50 day moving average price of $60.39 and a 200 day moving average price of $59.67.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm had revenue of $507.32 million for the quarter, compared to analyst estimates of $505.63 million. During the same quarter last year, the company earned $0.75 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Research analysts expect that Red Rock Resorts will post 1.53 earnings per share for the current year.

Institutional Investors Weigh In On Red Rock Resorts

Large investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC acquired a new stake in Red Rock Resorts in the 4th quarter valued at about $25,000. Kestra Advisory Services LLC purchased a new position in shares of Red Rock Resorts in the 4th quarter valued at about $27,000. Rockefeller Capital Management L.P. grew its position in shares of Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after buying an additional 481 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after buying an additional 263 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock worth $91,000 after buying an additional 733 shares during the period. Hedge funds and other institutional investors 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.