Monarch Casino & Resort (NASDAQ:MCRI) Given New $93.00 Price Target at Wells Fargo & Company

Monarch Casino & Resort (NASDAQ:MCRI) had its price target upped by stock analysts at Wells Fargo & Company from $92.00 to $93.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 0.23% from the stock’s current price.

Several other analysts have also weighed in on MCRI. Wall Street Zen lowered shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Stifel Nicolaus raised their price target on Monarch Casino & Resort from $92.00 to $97.00 and gave the company a “hold” rating in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Finally, Jefferies Financial Group restated a “hold” rating and set a $112.00 target price on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Monarch Casino & Resort presently has a consensus rating of “Hold” and an average target price of $99.80.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI traded down $0.10 during midday trading on Thursday, reaching $93.21. 68,878 shares of the company traded hands, compared to its average volume of 95,322. Monarch Casino & Resort has a 12 month low of $69.99 and a 12 month high of $113.88. The stock’s 50-day simple moving average is $94.87 and its 200-day simple moving average is $97.87. The firm has a market cap of $1.70 billion, a PE ratio of 16.81 and a beta of 1.34.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Wednesday, February 4th. The company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.12). Monarch Casino & Resort had a return on equity of 19.33% and a net margin of 19.26%.The firm had revenue of $140.00 million for the quarter, compared to analyst estimates of $139.39 million. During the same quarter last year, the business earned $0.22 EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts expect that Monarch Casino & Resort will post 5.13 EPS for the current year.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $100.63, for a total transaction of $100,630.00. Following the completion of the sale, the chief executive officer owned 553,110 shares in the company, valued at $55,659,459.30. The trade was a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 25.52% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position in Monarch Casino & Resort by 199.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 329 shares of the company’s stock valued at $35,000 after purchasing an additional 219 shares during the period. Osaic Holdings Inc. raised its position in shares of Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after acquiring an additional 315 shares during the last quarter. USA Financial Formulas bought a new position in shares of Monarch Casino & Resort in the 3rd quarter worth $47,000. TD Private Client Wealth LLC grew its stake in shares of Monarch Casino & Resort by 57.1% during the third quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock worth $63,000 after purchasing an additional 216 shares during the period. Finally, Blue Trust Inc. increased its holdings in Monarch Casino & Resort by 46.4% in the third quarter. Blue Trust Inc. now owns 612 shares of the company’s stock valued at $65,000 after purchasing an additional 194 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

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.