Eldorado Resorts (ERI) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Eldorado Resorts (NASDAQ:ERI) from a buy rating to a hold rating in a research report sent to investors on Friday.
According to Zacks, “Eldorado Resorts, Inc. is a casino entertainment company. It provides casino and entertainment services primarily in Nevada and Louisiana, United States. The Company’s facilities and services include casino games; hotels; entertainment and events; signature and casual restaurants; various venues; and guest services. Its casino also provides facilities for meetings and special events; catering and banquet services; and golf, ski, Reno bowling, baseball, basecamp climbing, truckee river, Reno fernley raceway, and museum services. Eldorado Resorts, Inc. is based in Reno, Nevada. “
A number of other analysts also recently commented on ERI. BidaskClub downgraded Eldorado Resorts from a buy rating to a hold rating in a research note on Tuesday, August 8th. TheStreet raised Eldorado Resorts from a c rating to a b- rating in a research note on Wednesday, November 1st. Deutsche Bank began coverage on Eldorado Resorts in a research note on Monday, September 25th. They issued a buy rating and a $32.00 price objective on the stock. SunTrust Banks reissued a buy rating and issued a $29.00 price objective on shares of Eldorado Resorts in a research note on Friday, November 3rd. Finally, J P Morgan Chase & Co boosted their price objective on Eldorado Resorts from $29.00 to $31.00 and gave the stock an overweight rating in a research note on Wednesday, November 15th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Eldorado Resorts presently has an average rating of Buy and a consensus target price of $30.00.
Eldorado Resorts (NASDAQ:ERI) last announced its earnings results on Thursday, November 2nd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $444.87 million for the quarter, compared to the consensus estimate of $448.30 million. Eldorado Resorts had a negative return on equity of 2.83% and a negative net margin of 1.20%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 EPS. equities research analysts expect that Eldorado Resorts will post -0.08 earnings per share for the current fiscal year.
In related news, Director Bonnie Biumi sold 13,079 shares of Eldorado Resorts stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $29.50, for a total value of $385,830.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David P. Tomick bought 1,700 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was bought at an average price of $28.70 per share, for a total transaction of $48,790.00. Following the completion of the acquisition, the director now directly owns 10,400 shares in the company, valued at $298,480. The disclosure for this purchase can be found here. 1.18% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. grew its holdings in shares of Eldorado Resorts by 58,900.0% in the 2nd quarter. Citigroup Inc. now owns 5,900 shares of the company’s stock worth $118,000 after acquiring an additional 5,890 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Eldorado Resorts by 8,127.7% during the second quarter. BNP Paribas Arbitrage SA now owns 7,734 shares of the company’s stock valued at $155,000 after buying an additional 7,640 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Eldorado Resorts by 17.6% during the second quarter. Victory Capital Management Inc. now owns 8,062 shares of the company’s stock valued at $161,000 after buying an additional 1,209 shares in the last quarter. Public Employees Retirement Association of Colorado purchased a new position in shares of Eldorado Resorts during the second quarter valued at $174,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Eldorado Resorts during the second quarter valued at $210,000. Institutional investors and hedge funds own 81.38% of the company’s stock.
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About Eldorado Resorts
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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