Monarch Casino & Resort (NASDAQ:MCRI) Given New $95.00 Price Target at Truist Financial

Monarch Casino & Resort (NASDAQ:MCRI – Get Rating) had its price objective raised by Truist Financial from $89.00 to $95.00 in a research report released on Wednesday, The Fly reports.

Several other equities analysts have also commented on MCRI. Stifel Nicolaus upgraded Monarch Casino & Resort from a hold rating to a buy rating and increased their price objective for the company from $70.00 to $77.00 in a research report on Thursday, October 20th. StockNews.com upgraded Monarch Casino & Resort from a buy rating to a strong-buy rating in a research report on Friday, January 6th.

Monarch Casino & Resort Stock Performance

Shares of MCRI opened at $80.75 on Wednesday. The stock’s 50-day simple moving average is $79.90 and its 200 day simple moving average is $68.97. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 18.61 and a beta of 1.70. Monarch Casino & Resort has a 52-week low of $54.01 and a 52-week high of $94.26.

Monarch Casino & Resort (NASDAQ:MCRI – Get Rating) last announced its earnings results on Wednesday, October 19th. The company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. The business had revenue of $133.73 million for the quarter, compared to analyst estimates of $121.90 million. Monarch Casino & Resort had a return on equity of 18.24% and a net margin of 18.13%. On average, research analysts forecast that Monarch Casino & Resort will post 4.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently bought and sold shares of MCRI. Invesco Ltd. lifted its stake in shares of Monarch Casino & Resort by 925.0% in the 1st quarter. Invesco Ltd. now owns 570,410 shares of the company’s stock valued at $49,757,000 after purchasing an additional 514,761 shares during the period. Tributary Capital Management LLC lifted its stake in shares of Monarch Casino & Resort by 232.8% in the 2nd quarter. Tributary Capital Management LLC now owns 211,241 shares of the company’s stock valued at $12,394,000 after purchasing an additional 147,759 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Monarch Casino & Resort by 499.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 155,348 shares of the company’s stock valued at $11,945,000 after purchasing an additional 129,427 shares during the period. DAVENPORT & Co LLC lifted its stake in shares of Monarch Casino & Resort by 10.7% in the 3rd quarter. DAVENPORT & Co LLC now owns 1,162,880 shares of the company’s stock valued at $65,496,000 after purchasing an additional 112,865 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Monarch Casino & Resort by 66.4% in the 2nd quarter. Millennium Management LLC now owns 231,210 shares of the company’s stock valued at $13,565,000 after purchasing an additional 92,274 shares during the period. Hedge funds and other institutional investors own 61.47% of the company’s stock.

About Monarch Casino & Resort

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Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. The company also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. As of December 31, 2021, its Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 818 guest rooms and suites; 8 food outlets; 2 gourmet coffee and pastry bars; a 30,000 square-foot health spa and salon with an enclosed pool; 2 retail outlets offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention, and meeting room space.