Eldorado Resorts, Inc. (ERI) Issues Earnings Results, Misses Expectations By $0.95 EPS
Eldorado Resorts, Inc. (NASDAQ:ERI) announced its quarterly earnings data on Tuesday. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by $0.95, Morningstar.com reports. Eldorado Resorts had a net margin of 2.49% and a return on equity of 7.95%. The company had revenue of $355.20 million for the quarter, compared to the consensus estimate of $354.15 million. The company’s revenue for the quarter was up 53.6% on a year-over-year basis.
Shares of Eldorado Resorts (NASDAQ:ERI) traded up 10.03% on Wednesday, hitting $21.95. 4,852,942 shares of the stock were exchanged. Eldorado Resorts has a 52-week low of $10.65 and a 52-week high of $22.15. The company’s 50 day moving average is $20.10 and its 200-day moving average is $18.79.
A number of equities research analysts recently weighed in on the stock. BidaskClub lowered shares of Eldorado Resorts from a “buy” rating to a “hold” rating in a report on Tuesday. J P Morgan Chase & Co started coverage on shares of Eldorado Resorts in a research report on Thursday, July 20th. They set an “overweight” rating and a $24.00 target price on the stock. TheStreet raised shares of Eldorado Resorts from a “d+” rating to a “c” rating in a research report on Wednesday, May 17th. Imperial Capital raised their target price on shares of Eldorado Resorts from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Monday, May 15th. Finally, Zacks Investment Research raised shares of Eldorado Resorts from a “strong sell” rating to a “hold” rating in a research report on Monday, May 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $22.33.
In other Eldorado Resorts news, major shareholder Hotel Casino Management, Inc. sold 750,000 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $20.66, for a total value of $15,495,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Thomas Reeg purchased 2,500 shares of the company’s stock in a transaction on Friday, June 16th. The stock was bought at an average price of $20.03 per share, for a total transaction of $50,075.00. Following the completion of the purchase, the insider now directly owns 46,200 shares of the company’s stock, valued at $925,386. The disclosure for this purchase can be found here. 1.14% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Westfield Capital Management Co. LP raised its position in shares of Eldorado Resorts by 23.2% in the first quarter. Westfield Capital Management Co. LP now owns 1,521,901 shares of the company’s stock valued at $28,802,000 after buying an additional 286,205 shares in the last quarter. Sei Investments Co. acquired a new position in shares of Eldorado Resorts during the first quarter worth about $578,000. Trexquant Investment LP acquired a new position in shares of Eldorado Resorts during the first quarter worth about $457,000. FMR LLC raised its position in shares of Eldorado Resorts by 258.4% in the first quarter. FMR LLC now owns 1,937,100 shares of the company’s stock worth $36,660,000 after buying an additional 1,396,588 shares during the period. Finally, Marshall Wace North America L.P. acquired a new position in shares of Eldorado Resorts during the first quarter worth about $1,944,000. Institutional investors own 65.18% of the company’s stock.
Eldorado Resorts Company Profile
Eldorado Resorts, Inc is a gaming and hospitality company that owns and operates gaming facilities located in Ohio, Louisiana, Nevada, Pennsylvania and West Virginia. The Company’s segments are Nevada, Louisiana, Eastern and Corporate. As of May 1, 2017, the Company owned and operated approximately 503,000 square feet of casino space with approximately 20,000 slot machines and video lottery terminals (VLTs), over 550 table and poker games, 45 restaurants and 6,500 hotel rooms.
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