Equities researchers at Gabelli started coverage on shares of Monarch Casino & Resort Inc. (NASDAQ:MCRI) in a note issued to investors on Friday. The brokerage set a “hold” rating and a $27.00 price target on the stock. Gabelli’s price objective would suggest a potential upside of 11.85% from the stock’s current price.

Separately, Zacks Investment Research downgraded shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 21st.

Monarch Casino & Resort (NASDAQ:MCRI) opened at 24.14 on Friday. The firm has a market cap of $418.01 million, a P/E ratio of 19.48 and a beta of 0.86. Monarch Casino & Resort has a 12-month low of $17.29 and a 12-month high of $25.55. The firm’s 50-day moving average price is $24.07 and its 200 day moving average price is $22.11.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by $0.02. Monarch Casino & Resort had a return on equity of 10.57% and a net margin of 10.40%. Analysts forecast that Monarch Casino & Resort will post $1.29 earnings per share for the current fiscal year.

In other Monarch Casino & Resort news, President Bob Farahi sold 10,000 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $24.24, for a total transaction of $242,400.00. Following the sale, the president now owns 516,614 shares of the company’s stock, valued at $12,522,723.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 27.91% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Uniplan Investment Counsel Inc. raised its position in shares of Monarch Casino & Resort by 0.3% in the first quarter. Uniplan Investment Counsel Inc. now owns 215,282 shares of the company’s stock worth $4,189,000 after buying an additional 732 shares during the period. Geode Capital Management LLC raised its position in shares of Monarch Casino & Resort by 7.6% in the first quarter. Geode Capital Management LLC now owns 69,977 shares of the company’s stock worth $1,361,000 after buying an additional 4,972 shares during the period. Wellington Management Group LLP raised its position in shares of Monarch Casino & Resort by 1.1% in the first quarter. Wellington Management Group LLP now owns 442,677 shares of the company’s stock worth $8,615,000 after buying an additional 4,950 shares during the period. Lafitte Capital Management LP raised its position in shares of Monarch Casino & Resort by 3.3% in the first quarter. Lafitte Capital Management LP now owns 631,353 shares of the company’s stock worth $12,286,000 after buying an additional 20,000 shares during the period. Finally, California State Teachers Retirement System raised its position in shares of Monarch Casino & Resort by 3.5% in the second quarter. California State Teachers Retirement System now owns 22,266 shares of the company’s stock worth $489,000 after buying an additional 757 shares during the period. 55.47% of the stock is currently owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc (Monarch), through its subsidiary, owns and operates the Atlantis Casino Resort Spa (the Atlantis), a hotel/casino facility in Reno, Nevada. The Company also owns and operates Monarch Casino Black Hawk. The Company’s operating segments include Atlantis and Monarch Casino Black Hawk.

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