Jefferies Financial Group Issues Pessimistic Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its price objective cut by research analysts at Jefferies Financial Group from $79.00 to $74.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 33.92% from the stock’s previous close.

Several other brokerages have also recently weighed in on RRR. UBS Group set a $73.00 price objective on shares of Red Rock Resorts in a research note on Wednesday, December 24th. Barclays boosted their target price on Red Rock Resorts from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Stifel Nicolaus increased their price target on Red Rock Resorts from $71.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Wells Fargo & Company raised their price target on Red Rock Resorts from $58.00 to $59.00 and gave the company an “equal weight” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings upgraded Red Rock Resorts from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.50.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR traded up $0.22 during midday trading on Monday, reaching $55.26. 100,941 shares of the company traded hands, compared to its average volume of 790,271. The firm has a market cap of $5.80 billion, a PE ratio of 17.66, a PEG ratio of 2.29 and a beta of 1.48. The stock’s 50-day simple moving average is $60.27 and its 200-day simple moving average is $59.76. Red Rock Resorts has a 12 month low of $35.09 and a 12 month high of $68.99. The company has a debt-to-equity ratio of 10.26, a quick ratio of 0.74 and a current ratio of 0.79.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.34. The business had revenue of $511.78 million for the quarter, compared to analyst estimates of $500.90 million. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. As a group, equities analysts anticipate that Red Rock Resorts will post 1.76 earnings per share for the current fiscal year.

Institutional Trading of Red Rock Resorts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC raised its position in Red Rock Resorts by 34.8% in the 4th quarter. Hsbc Holdings PLC now owns 32,355 shares of the company’s stock worth $2,007,000 after purchasing an additional 8,357 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after buying an additional 481 shares in the last quarter. Pacer Advisors Inc. bought a new position in Red Rock Resorts in the 4th quarter valued at $201,000. T. Rowe Price Investment Management Inc. increased its stake in shares of Red Rock Resorts by 2.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 323,267 shares of the company’s stock valued at $20,027,000 after buying an additional 6,464 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Red Rock Resorts by 345.6% in the 4th quarter. Invesco Ltd. now owns 1,054,086 shares of the company’s stock valued at $65,301,000 after buying an additional 817,524 shares during the period. Institutional investors and hedge funds own 47.84% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.