Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 1-Year High – Still a Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $83.11 and last traded at $83.10, with a volume of 9544 shares changing hands. The stock had previously closed at $79.67.

Analysts Set New Price Targets

MCRI has been the subject of a number of research analyst reports. Macquarie reiterated a “neutral” rating and issued a $76.00 target price on shares of Monarch Casino & Resort in a research note on Thursday, July 25th. Truist Financial boosted their price objective on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus boosted 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.

Monarch Casino & Resort Trading Down 0.0 %

The business’s fifty day simple moving average is $76.93 and its 200 day simple moving average is $72.16. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 18.22 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $137.87 million during the quarter, compared to analyst estimates of $134.50 million. During the same quarter in the previous year, the business earned $1.38 EPS. As a group, research analysts anticipate that Monarch Casino & Resort, Inc. will post 4.72 earnings per share for the current year.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort during the 3rd quarter worth about $30,000. GAMMA Investing LLC increased its holdings in Monarch Casino & Resort by 61.0% during the 3rd 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 2nd quarter worth about $53,000. Canada Pension Plan Investment Board bought a new position in Monarch Casino & Resort during the 2nd quarter worth about $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Monarch Casino & Resort by 81.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after purchasing an additional 1,221 shares in the last quarter. 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.