Stifel Nicolaus Issues Positive Forecast for Monarch Casino & Resort (NASDAQ:MCRI) Stock Price

Monarch Casino & Resort (NASDAQ:MCRI) had its price target raised by equities researchers at Stifel Nicolaus from $80.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Stifel Nicolaus’ price target suggests a potential downside of 1.61% from the stock’s previous close.

A number of other equities analysts have also weighed in on MCRI. Jefferies Financial Group increased their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Truist Financial raised Monarch Casino & Resort from a “hold” rating to a “buy” rating and raised their price objective for the company from $82.00 to $100.00 in a research note on Tuesday, January 14th. StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company upped their price target on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $87.20.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ:MCRI traded up $5.66 during midday trading on Wednesday, hitting $91.47. 25,730 shares of the stock were exchanged, compared to its average volume of 86,008. The company has a market capitalization of $1.68 billion, a PE ratio of 20.27 and a beta of 1.74. Monarch Casino & Resort has a 52-week low of $64.50 and a 52-week high of $93.36. The business’s fifty day simple moving average is $82.62 and its two-hundred day simple moving average is $79.39.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Tuesday, February 11th. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same period in the previous year, the firm posted $1.03 earnings per share. As a group, equities analysts anticipate that Monarch Casino & Resort will post 4.73 EPS for the current year.

Insider Buying and Selling at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total value of $77,700.00. Following the transaction, the chief executive officer now directly owns 528,436 shares of the company’s stock, valued at $41,059,477.20. The trade was a 0.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.94% of the company’s stock.

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. Trust Point Inc. boosted its holdings in shares of Monarch Casino & Resort by 1.5% during the third quarter. Trust Point Inc. now owns 11,008 shares of the company’s stock worth $873,000 after purchasing an additional 162 shares during the period. GAMMA Investing LLC lifted its holdings in Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after buying an additional 178 shares during the period. Heritage Family Offices LLP grew its position in shares of Monarch Casino & Resort by 7.0% in the 4th quarter. Heritage Family Offices LLP now owns 2,993 shares of the company’s stock worth $236,000 after buying an additional 196 shares during the last quarter. New York State Teachers Retirement System lifted its stake in Monarch Casino & Resort by 0.9% in the fourth quarter. New York State Teachers Retirement System now owns 24,706 shares of the company’s stock worth $1,949,000 after acquiring an additional 210 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in shares of Monarch Casino & Resort by 2.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,948 shares of the company’s stock worth $785,000 after purchasing an additional 250 shares during the period. 62.37% of the stock is currently owned by institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.