Zacks Investment Research Upgrades Eldorado Resorts (ERI) to “Buy”
Zacks Investment Research upgraded shares of Eldorado Resorts (NASDAQ:ERI) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $39.00 price target on the stock.
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. “
Other research analysts also recently issued reports about the stock. Jefferies Financial Group set a $57.00 target price on shares of Eldorado Resorts and gave the company a buy rating in a research report on Friday, October 5th. JPMorgan Chase & Co. set a $60.00 target price on shares of Eldorado Resorts and gave the company a buy rating in a research report on Tuesday, October 2nd. BidaskClub upgraded shares of Eldorado Resorts from a hold rating to a buy rating in a research report on Saturday, September 15th. Roth Capital upped their price objective on shares of Eldorado Resorts from $60.00 to $65.00 and gave the stock a buy rating in a research report on Tuesday. Finally, Deutsche Bank set a $54.00 price objective on shares of Eldorado Resorts and gave the stock a buy rating in a research report on Saturday, November 10th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $51.38.
Eldorado Resorts (NASDAQ:ERI) last posted its earnings results on Thursday, November 8th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $487.25 million for the quarter, compared to analyst estimates of $494.60 million. Eldorado Resorts had a net margin of 10.21% and a return on equity of 12.38%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Research analysts expect that Eldorado Resorts will post 1.61 earnings per share for the current year.
In related news, Director Michael E. Pegram bought 10,000 shares of the business’s stock in a transaction dated Tuesday, November 13th. The stock was acquired at an average price of $33.91 per share, with a total value of $339,100.00. Following the completion of the purchase, the director now directly owns 100,529 shares of the company’s stock, valued at $3,408,938.39. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas Reeg bought 3,000 shares of the business’s stock in a transaction dated Tuesday, November 13th. The shares were bought at an average cost of $33.70 per share, with a total value of $101,100.00. Following the purchase, the chief financial officer now directly owns 125,485 shares of the company’s stock, valued at $4,228,844.50. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 15,000 shares of company stock valued at $532,300. Insiders own 1.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Navellier & Associates Inc increased its stake in shares of Eldorado Resorts by 19.7% during the second quarter. Navellier & Associates Inc now owns 72,820 shares of the company’s stock worth $2,847,000 after purchasing an additional 11,976 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Eldorado Resorts during the second quarter worth about $2,409,000. Victory Capital Management Inc. grew its stake in Eldorado Resorts by 19.3% during the 2nd quarter. Victory Capital Management Inc. now owns 810,530 shares of the company’s stock valued at $31,691,000 after acquiring an additional 131,250 shares in the last quarter. Adams Diversified Equity Fund Inc. purchased a new stake in Eldorado Resorts during the 3rd quarter valued at about $792,000. Finally, Centaurus Financial Inc. purchased a new stake in Eldorado Resorts during the 2nd quarter valued at about $2,646,000. 91.63% of the stock is owned by institutional investors and hedge funds.
Eldorado Resorts Company Profile
Eldorado Resorts, Inc, a gaming and hospitality company, owns and operates gaming facilities in Ohio, Louisiana, Nevada, Pennsylvania, West Virginia, Colorado, Florida, Iowa, Mississippi, and Missouri. It owns and operates Eldorado Resort Casino Reno, a 814-room hotel, casino and entertainment facility; Silver Legacy Resort Casino, a 1,711-room themed hotel and casino; Circus Circus Reno, a 1,571-room hotel-casino and entertainment complex; Eldorado Resort Casino Shreveport, a 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino; Mountaineer Casino, Racetrack & Resort, a 357-room hotel, casino, entertainment, and live thoroughbred horse racing facility; Presque Isle Downs & Casino, a casino and live thoroughbred horse racing facility; and Eldorado Gaming Scioto Downs, a modern racino.
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