Red Rock Resorts (NASDAQ:RRR) Stock Price Down 7.6% After Analyst Downgrade

Red Rock Resorts, Inc. (NASDAQ:RRR) shares were down 7.6% during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $64.00 to $63.00. Barclays currently has an overweight rating on the stock. Red Rock Resorts traded as low as $48.17 and last traded at $50.24. Approximately 430,575 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 423,167 shares. The stock had previously closed at $54.36.

Other equities research analysts have also recently issued reports about the stock. Susquehanna lifted their price target on shares of Red Rock Resorts from $52.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday, February 8th. Truist Financial boosted their target price on Red Rock Resorts from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Macquarie upgraded Red Rock Resorts from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $51.00 to $58.00 in a research report on Wednesday, January 17th. JMP Securities reduced their price target on shares of Red Rock Resorts from $66.00 to $65.00 and set a “market outperform” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Red Rock Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $61.75.

Insider Buying and Selling at Red Rock Resorts

In other news, CFO Stephen Lawrence Cootey sold 7,520 shares of Red Rock Resorts stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.74, for a total transaction of $434,204.80. Following the completion of the sale, the chief financial officer now directly owns 243,808 shares of the company’s stock, valued at approximately $14,077,473.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 53.28% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC purchased a new position in Red Rock Resorts in the first quarter valued at approximately $78,000. SG Americas Securities LLC purchased a new position in shares of Red Rock Resorts in the 1st quarter valued at $236,000. Virtu Financial LLC purchased a new position in shares of Red Rock Resorts in the 4th quarter valued at $212,000. Core Wealth Partners LLC acquired a new stake in Red Rock Resorts during the 4th quarter worth $213,000. Finally, Valeo Financial Advisors LLC purchased a new stake in Red Rock Resorts in the fourth quarter valued at $255,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Stock Up 1.5 %

The firm’s 50 day simple moving average is $57.55 and its 200-day simple moving average is $52.49. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 17.70, a P/E/G ratio of 2.81 and a beta of 2.08. 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 earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.18. The business had revenue of $488.90 million during the quarter, compared to the consensus estimate of $490.49 million. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 EPS. As a group, sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.92 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Friday, June 14th. Red Rock Resorts’s payout ratio is currently 34.72%.

Red Rock Resorts Company Profile

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.