Red Rock Resorts (NASDAQ:RRR) Stock Price Target Lowered at Citizens Jmp

Red Rock Resorts (NASDAQ:RRR) had its target price decreased by Citizens Jmp from $71.00 to $70.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp‘s target price would indicate a potential upside of 36.21% from the company’s current price.

Several other analysts have also recently weighed in on RRR. JPMorgan Chase & Co. cut their price objective on Red Rock Resorts from $72.00 to $71.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. Stifel Nicolaus set a $74.00 price target on Red Rock Resorts in a report on Wednesday, August 5th. Benchmark reissued a “buy” rating on shares of Red Rock Resorts in a research report on Monday, August 31st. Morgan Stanley dropped their price objective on Red Rock Resorts from $61.00 to $59.00 and set an “equal weight” rating on the stock in a research report on Monday, October 19th. Finally, Barclays lifted their price objective on Red Rock Resorts from $73.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.12.

Red Rock Resorts Trading Down 0.3%

NASDAQ:RRR opened at $51.39 on Wednesday. The firm has a market capitalization of $5.40 billion, a P/E ratio of 18.16, a P/E/G ratio of 4.25 and a beta of 1.42. The company has a fifty day moving average of $52.18 and a 200 day moving average of $58.06. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33. Red Rock Resorts has a 52 week low of $47.42 and a 52 week high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, November 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.62). Red Rock Resorts had a return on equity of 56.19% and a net margin of 8.43%. The business had revenue of $488.70 million during the quarter, compared to the consensus estimate of $478.13 million. During the same period in the previous year, the business earned $0.68 earnings per share. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, research analysts predict that Red Rock Resorts will post 1.54 earnings per share for the current year.

Insider Activity at Red Rock Resorts

In other news, President Scott Kreeger sold 31,159 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the transaction, the president owned 203,881 shares in the company, valued at $12,595,768.18. This represents a 13.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 54.34% of the stock is owned by insiders.

Institutional Trading of Red Rock Resorts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Red Rock Resorts during the second quarter valued at about $3,220,000. Principal Financial Group Inc. increased its position in Red Rock Resorts by 24.1% in the first quarter. Principal Financial Group Inc. now owns 287,633 shares of the company’s stock worth $15,348,000 after buying an additional 55,845 shares in the last quarter. Hsbc Holdings PLC increased its position in Red Rock Resorts by 168.3% in the first quarter. Hsbc Holdings PLC now owns 86,798 shares of the company’s stock worth $4,642,000 after buying an additional 54,443 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Red Rock Resorts in the second quarter worth about $120,743,000. Finally, SWP Investment Management LLC bought a new position in shares of Red Rock Resorts in the second quarter worth about $2,782,000. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts News Summary

Here are the key news stories impacting Red Rock Resorts this week:

• Positive Sentiment: Red Rock declared a quarterly dividend of $0.26 per share, or $1.04 annualized, representing a yield of about 2%. Dividend announcement
• Positive Sentiment: A valuation article argues RRR could be about 30% undervalued, citing record Las Vegas revenue and expansion investment. This provides a bullish counterpoint to the earnings concerns. Valuation analysis
• Neutral Sentiment: Q3 revenue increased 2.8% year over year to $488.7 million, topping analysts’ estimates of $478.1 million. Third-quarter results
• Negative Sentiment: Despite the revenue beat, earnings fell well short of consensus and were down from $0.68 per share a year earlier. The earnings shortfall is likely weighing on investor sentiment. Q3 earnings miss
• Negative Sentiment: Citizens lowered its price target to $70 and said investors view the results as a miss. Although the revised target remains above the stock’s recent price, the cut signals reduced optimism after the report. Citizens price-target update

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.