Truist Financial Forecasts Strong Price Appreciation for Red Rock Resorts (NASDAQ:RRR) Stock

Red Rock Resorts (NASDAQ:RRR) had its target price lifted by equities research analysts at Truist Financial from $68.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 16.79% from the company’s previous close.

Several other equities research analysts also recently weighed in on RRR. Jefferies Financial Group restated a “buy” rating on shares of Red Rock Resorts in a research note on Thursday, July 2nd. Barclays upped their price target on Red Rock Resorts from $65.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Susquehanna decreased their price objective on Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a report on Thursday, April 30th. Wells Fargo & Company raised Red Rock Resorts from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $55.00 to $75.00 in a research report on Tuesday, July 14th. Finally, Morgan Stanley set a $59.00 target price on Red Rock Resorts in a research note on Wednesday, May 6th. Fourteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.12.

Red Rock Resorts Stock Performance

RRR stock opened at $64.22 on Monday. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 4.92 and a beta of 1.35. The firm has a 50-day simple moving average of $60.39 and a two-hundred day simple moving average of $59.67. Red Rock Resorts has a one year low of $50.52 and a one year high of $68.99. 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 (NASDAQ:RRR) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The firm had revenue of $507.32 million during the quarter, compared to analysts’ expectations of $505.63 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.75 EPS. On average, equities analysts forecast that Red Rock Resorts will post 1.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC boosted its stake in shares of Red Rock Resorts by 4.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock worth $338,000 after acquiring an additional 234 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Red Rock Resorts by 53.8% in the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after purchasing an additional 263 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Red Rock Resorts by 3.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock worth $643,000 after purchasing an additional 324 shares during the period. California State Teachers Retirement System raised its holdings in Red Rock Resorts by 0.7% in the 2nd quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock worth $2,431,000 after purchasing an additional 343 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in Red Rock Resorts by 3.9% during the third quarter. CANADA LIFE ASSURANCE Co now owns 10,022 shares of the company’s stock worth $628,000 after purchasing an additional 378 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.