Wells Fargo & Company Initiates Coverage on Monarch Casino & Resort (NASDAQ:MCRI)

Analysts at Wells Fargo & Company began coverage on shares of Monarch Casino & Resort (NASDAQ:MCRI) in a research note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage set an “underweight” rating and a $79.00 price target on the stock. Wells Fargo & Company‘s target price would suggest a potential downside of 9.45% from the stock’s current price.

Other analysts also recently issued research reports about the company. Stifel Nicolaus increased their target price on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. StockNews.com upgraded shares of Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 28th. Finally, Truist Financial upped their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $78.50.

Monarch Casino & Resort Stock Down 0.4 %

NASDAQ:MCRI opened at $87.24 on Monday. The company’s 50 day moving average is $81.27 and its 200-day moving average is $75.37. Monarch Casino & Resort has a 12 month low of $64.50 and a 12 month high of $89.06. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 19.30 and a beta of 1.72.

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

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. bought a new position in shares of Monarch Casino & Resort during the 3rd quarter worth about $30,000. GAMMA Investing LLC raised its position in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Monarch Casino & Resort during the second quarter worth about $53,000. Canada Pension Plan Investment Board acquired a new stake in Monarch Casino & Resort during the second quarter valued at approximately $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Monarch Casino & Resort by 81.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after purchasing an additional 1,221 shares during the period. Institutional investors and hedge funds own 62.37% of the company’s stock.

About Monarch Casino & Resort

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.