Truist Financial Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its price target raised by investment analysts at Truist Financial from $125.00 to $144.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 14.47% from the company’s previous close.

Several other research analysts also recently commented on MCRI. Wells Fargo & Company raised their target price on Monarch Casino & Resort from $99.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. Zacks Research downgraded shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Finally, UBS Group set a $124.00 target price on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $119.60.

Monarch Casino & Resort Stock Performance

Monarch Casino & Resort stock traded up $2.77 during mid-day trading on Monday, reaching $125.80. The company’s stock had a trading volume of 14,315 shares, compared to its average volume of 141,227. The firm’s fifty day moving average price is $124.26 and its two-hundred day moving average price is $107.40. Monarch Casino & Resort has a 12-month low of $88.13 and a 12-month high of $135.93. The company has a market capitalization of $2.23 billion, a P/E ratio of 21.32 and a beta of 1.29.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The firm had revenue of $136.55 million for the quarter, compared to the consensus estimate of $128.49 million. The business’s quarterly revenue was up 8.9% on a year-over-year basis. On average, research analysts predict that Monarch Casino & Resort will post 7.07 EPS for the current fiscal year.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the transaction, the chief executive officer owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 26.34% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Monarch Casino & Resort by 7.6% during the second quarter. GAMMA Investing LLC now owns 1,791 shares of the company’s stock valued at $236,000 after acquiring an additional 126 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Monarch Casino & Resort by 2.2% in the 1st quarter. Pacer Advisors Inc. now owns 51,439 shares of the company’s stock valued at $4,918,000 after purchasing an additional 1,128 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Monarch Casino & Resort during the 1st quarter valued at $209,000. Bank of America Corp DE lifted its stake in Monarch Casino & Resort by 7.4% in the first quarter. Bank of America Corp DE now owns 48,819 shares of the company’s stock worth $4,667,000 after purchasing an additional 3,362 shares during the last quarter. Finally, Amundi bought a new stake in Monarch Casino & Resort in the first quarter worth $415,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.