Monarch Casino & Resort (NASDAQ:MCRI) Stock Rating Upgraded by Texas Capital

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by equities researchers at Texas Capital to a “strong-buy” rating in a report issued on Wednesday, Zacks reports.

MCRI has been the topic of several other reports. Truist Financial upped their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a report on Monday, July 20th. Wells Fargo & Company dropped their target price on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 21st. Wall Street Zen lowered shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $124.40.

Monarch Casino & Resort Stock Down 1.1%

Shares of MCRI opened at $119.61 on Wednesday. The business’s 50 day moving average is $123.01 and its two-hundred day moving average is $115.29. Monarch Casino & Resort has a 52-week low of $88.13 and a 52-week high of $135.93. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 19.17 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The company had revenue of $142.60 million during the quarter, compared to analysts’ expectations of $142.85 million. Monarch Casino & Resort’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities analysts expect that Monarch Casino & Resort will post 6.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Monarch Casino & Resort during the second quarter valued at approximately $270,679,000. California State Teachers Retirement System boosted its position in Monarch Casino & Resort by 14,508.3% during the 2nd quarter. California State Teachers Retirement System now owns 1,842,540 shares of the company’s stock valued at $242,497,000 after purchasing an additional 1,829,927 shares during the period. Bank of New York Mellon Corp acquired a new position in Monarch Casino & Resort during the 2nd quarter valued at approximately $16,778,000. Qube Research & Technologies Ltd boosted its position in Monarch Casino & Resort by 77.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock valued at $19,951,000 after purchasing an additional 82,035 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in Monarch Casino & Resort during the 4th quarter worth $7,244,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

About Monarch Casino & Resort

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.