Bank of America Increases Red Rock Resorts (NASDAQ:RRR) Price Target to $57.00

Red Rock Resorts (NASDAQ:RRR) had its target price raised by equities researchers at Bank of America from $52.00 to $57.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential downside of 7.87% from the stock’s previous close.

RRR has been the topic of a number of other reports. JPMorgan Chase & Co. raised their target price on Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Morgan Stanley lifted their price target on shares of Red Rock Resorts from $48.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. Wells Fargo & Company boosted their target price on Red Rock Resorts from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Mizuho started coverage on shares of Red Rock Resorts in a research note on Tuesday, March 26th. They set a “buy” rating and a $69.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Red Rock Resorts from $54.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 24th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.67.

Red Rock Resorts Trading Up 0.6 %

RRR opened at $61.87 on Monday. The firm’s fifty day moving average price is $57.71 and its 200 day moving average price is $50.22. The stock has a market capitalization of $6.51 billion, a PE ratio of 20.97, a P/E/G ratio of 4.09 and a beta of 2.06. Red Rock Resorts has a 12-month low of $37.82 and a 12-month high of $63.28. The company has a debt-to-equity ratio of 13.54, a current ratio of 0.81 and a quick ratio of 0.76.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Wednesday, February 7th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.55. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. The business had revenue of $462.71 million for the quarter, compared to analyst estimates of $440.75 million. During the same period in the prior year, the company posted $1.00 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. As a group, research analysts expect that Red Rock Resorts will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.74, for a total value of $434,204.80. Following the completion of the sale, the chief financial officer now owns 243,808 shares in the company, valued at approximately $14,077,473.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 54.20% of the company’s stock.

Institutional Trading of Red Rock Resorts

A number of institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. purchased a new position in Red Rock Resorts during the 1st quarter valued at about $371,000. JPMorgan Chase & Co. raised its stake in Red Rock Resorts by 463.8% in the first quarter. JPMorgan Chase & Co. now owns 304,173 shares of the company’s stock worth $14,771,000 after buying an additional 250,227 shares in the last quarter. Raymond James & Associates bought a new stake in Red Rock Resorts during the 1st quarter valued at approximately $1,307,000. Bank of Montreal Can purchased a new position in shares of Red Rock Resorts during the 1st quarter worth approximately $303,000. Finally, MetLife Investment Management LLC raised its position in shares of Red Rock Resorts by 34.4% in the 1st quarter. MetLife Investment Management LLC now owns 28,612 shares of the company’s stock worth $1,389,000 after acquiring an additional 7,318 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.