Red Rock Resorts (NASDAQ:RRR) Raised to “Strong-Buy” at Texas Capital

Red Rock Resorts (NASDAQ:RRR) was upgraded by research analysts at Texas Capital to a “strong-buy” rating in a research note issued on Wednesday, Zacks reports.

Other analysts have also recently issued research reports about the company. Morgan Stanley set a $61.00 price objective on Red Rock Resorts in a report on Wednesday, July 22nd. UBS Group set a $75.00 target price on Red Rock Resorts in a report on Thursday, July 2nd. Barclays upped their price target on Red Rock Resorts from $72.00 to $73.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group reissued a “buy” rating and issued a $73.00 price target on shares of Red Rock Resorts in a report on Wednesday, July 15th. Finally, Bank of America raised their price objective on shares of Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.94.

Red Rock Resorts Stock Down 0.6%

RRR opened at $54.69 on Wednesday. The company has a 50 day moving average of $61.96 and a 200 day moving average of $59.17. The company has a market cap of $5.74 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 4.51 and a beta of 1.31. Red Rock Resorts has a 12 month low of $50.52 and a 12 month high of $68.99. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 12.33.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.16. The business had revenue of $510.26 million during the quarter, compared to analyst estimates of $500.08 million. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. Red Rock Resorts’s revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 EPS. On average, sell-side analysts expect that Red Rock Resorts will post 1.54 EPS for the current year.

Insider Activity at Red Rock Resorts

In related news, President Scott Kreeger sold 31,159 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the transaction, the president directly owned 203,881 shares in the company, valued at approximately $12,595,768.18. This represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 54.34% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds have recently bought and sold shares of RRR. Sequoia Financial Advisors LLC bought a new position in shares of Red Rock Resorts in the 2nd quarter worth $500,000. Tidal Investments LLC bought a new stake in shares of Red Rock Resorts during the 2nd quarter worth $217,000. Squarepoint Ops LLC grew its position in Red Rock Resorts by 39.0% in the second quarter. Squarepoint Ops LLC now owns 10,999 shares of the company’s stock worth $716,000 after acquiring an additional 3,088 shares in the last quarter. Nykredit A S purchased a new position in Red Rock Resorts in the second quarter worth $45,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Red Rock Resorts in the second quarter valued at $3,220,000. 47.84% of the stock is currently owned by institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming and entertainment company based in Las Vegas, Nevada. Through its subsidiary Station Casinos, the company owns and operates casino resorts, hotel properties, and neighborhood casinos, with a primary focus on the Southern Nevada market.

Its properties offer casino gaming, hotel accommodations, restaurants, bars, entertainment venues, meeting and event spaces, and other amenities. The portfolio includes Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, Durango Casino & Resort, Palace Station, Boulder Station, Sunset Station, Santa Fe Station, and a number of Wildfire casino locations.