Monarch Casino & Resort (NASDAQ:MCRI) Sets New 12-Month High – Here’s What Happened

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $84.15 and last traded at $83.88, with a volume of 7133 shares trading hands. The stock had previously closed at $83.14.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCRI. Truist Financial upped their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Macquarie reiterated a “neutral” rating and set a $76.00 price target on shares of Monarch Casino & Resort in a report on Thursday, July 25th. Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a research report on Thursday, October 24th. Finally, StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 6th.

Monarch Casino & Resort Stock Up 0.8 %

The company’s 50-day moving average is $77.38 and its two-hundred day moving average is $72.52. The company has a market cap of $1.54 billion, a P/E ratio of 18.52 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.10. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. The company had revenue of $137.87 million during the quarter, compared to analyst estimates of $134.50 million. During the same quarter last year, the business posted $1.38 EPS. On average, analysts anticipate that Monarch Casino & Resort, Inc. will post 4.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCRI. Texas Permanent School Fund Corp increased its stake in shares of Monarch Casino & Resort by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 11,682 shares of the company’s stock worth $876,000 after purchasing an additional 152 shares in the last quarter. Trust Point Inc. raised its holdings in Monarch Casino & Resort by 1.5% during the 3rd quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock valued at $873,000 after acquiring an additional 162 shares during the period. GAMMA Investing LLC lifted its position in shares of Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after acquiring an additional 178 shares in the last quarter. Pitcairn Co. boosted its holdings in shares of Monarch Casino & Resort by 4.3% in the first quarter. Pitcairn Co. now owns 5,698 shares of the company’s stock worth $427,000 after acquiring an additional 235 shares during the period. Finally, Sei Investments Co. grew its position in shares of Monarch Casino & Resort by 1.4% in the second quarter. Sei Investments Co. now owns 19,697 shares of the company’s stock valued at $1,342,000 after purchasing an additional 271 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.