Citizens Jmp Forecasts Strong Price Appreciation for Red Rock Resorts (NASDAQ:RRR) Stock

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by stock analysts at Citizens Jmp from $65.00 to $68.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective indicates a potential upside of 9.53% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Red Rock Resorts in a research note on Wednesday, December 24th. Wells Fargo & Company assumed coverage on Red Rock Resorts in a report on Tuesday, November 18th. They issued an “equal weight” rating and a $58.00 target price for the company. UBS Group set a $73.00 price target on Red Rock Resorts in a research note on Wednesday, December 24th. Susquehanna upped their price objective on shares of Red Rock Resorts from $68.00 to $69.00 and gave the stock a “positive” rating in a research note on Wednesday, October 29th. Finally, Mizuho increased their target price on shares of Red Rock Resorts from $62.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Red Rock Resorts presently has an average rating of “Moderate Buy” and an average target price of $65.64.

Red Rock Resorts Stock Performance

RRR stock opened at $62.09 on Wednesday. Red Rock Resorts has a twelve month low of $35.09 and a twelve month high of $64.69. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 2.64 and a beta of 1.50. The business’s fifty day simple moving average is $59.59 and its two-hundred day simple moving average is $58.88. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.32. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The firm had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $477.25 million. During the same period in the prior year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. Analysts predict that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts announced that its board has approved a share repurchase plan on Tuesday, October 28th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Red Rock Resorts by 230.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock worth $29,000 after purchasing an additional 385 shares in the last quarter. Strs Ohio acquired a new stake in shares of Red Rock Resorts during the third quarter worth $37,000. Ameritas Advisory Services LLC acquired a new stake in shares of Red Rock Resorts during the second quarter worth $42,000. GAMMA Investing LLC grew its holdings in shares of Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after buying an additional 263 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Red Rock Resorts in the 2nd quarter valued at $62,000. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.