Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $70.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 20.56% from the stock’s current price.
According to Zacks, “Monarch Casino & Resort, Inc. is dedicated to deliver the ultimate guest experience by providing exceptional services as well as the latest gaming, dining and hospitality amenities. With a main focus on their guests’ superior expectations, they continue to aggressively reinvest in our properties. As a market leader, they invite them to become more familiar with their company, their operations and their management team. Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado, approximately 40 miles west of Denver. “
Several other brokerages have also issued reports on MCRI. Truist boosted their price target on Monarch Casino & Resort from $60.00 to $65.00 in a research note on Monday, November 30th. Stifel Nicolaus started coverage on Monarch Casino & Resort in a research note on Wednesday, December 9th. They issued a “buy” rating on the stock. Macquarie boosted their price target on Monarch Casino & Resort from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, December 2nd. ValuEngine lowered Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research report on Thursday, October 1st. Finally, BidaskClub raised Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 22nd. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $54.43.
Shares of MCRI opened at $58.06 on Tuesday. Monarch Casino & Resort has a 52-week low of $12.83 and a 52-week high of $61.87. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.72 and a current ratio of 0.84. The business’s 50 day moving average price is $54.98 and its two-hundred day moving average price is $45.20. The firm has a market cap of $1.06 billion, a PE ratio of 75.40 and a beta of 1.64.
Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.43. Monarch Casino & Resort had a return on equity of 5.54% and a net margin of 7.77%. The firm had revenue of $59.87 million for the quarter, compared to analyst estimates of $46.55 million. Research analysts predict that Monarch Casino & Resort will post 1.08 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Monarch Casino & Resort by 2.1% in the 3rd quarter. BlackRock Inc. now owns 1,884,578 shares of the company’s stock valued at $84,053,000 after buying an additional 38,969 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Monarch Casino & Resort by 14.0% during the 2nd quarter. Vanguard Group Inc. now owns 846,556 shares of the company’s stock worth $28,851,000 after acquiring an additional 103,905 shares during the period. DAVENPORT & Co LLC grew its stake in shares of Monarch Casino & Resort by 0.3% during the 3rd quarter. DAVENPORT & Co LLC now owns 474,989 shares of the company’s stock worth $21,185,000 after acquiring an additional 1,495 shares during the period. William Blair Investment Management LLC grew its stake in shares of Monarch Casino & Resort by 37.9% during the 3rd quarter. William Blair Investment Management LLC now owns 175,627 shares of the company’s stock worth $7,833,000 after acquiring an additional 48,227 shares during the period. Finally, Brasada Capital Management LP grew its stake in shares of Monarch Casino & Resort by 1.7% during the 3rd quarter. Brasada Capital Management LP now owns 143,971 shares of the company’s stock worth $6,421,000 after acquiring an additional 2,457 shares during the period. 55.03% of the stock is owned by institutional investors and hedge funds.
About Monarch Casino & Resort
Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada. It also owns and operates the Monarch Casino Black Hawk in Black Hawk, Colorado. As of March 11, 2020, the company’s Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 818 guest rooms; 8 food outlets; 2 gourmet coffee and pastry bars; 1 snack bar; a 30,000 square-foot health spa and salon with an enclosed pool; 2 retail outlets offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention, and meeting room space.
See Also: Investing in Growth Stocks
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
7 Stocks That Could Provide a Year-End Rally
It’s rough in the markets right now. Underlying the volatility is uncertainty. The VIX Index (INDEXCBOE: VIX) otherwise known as the Fear Index is unofficial, but an eerily accurate predictor of market sentiment. And the VIX is up 30% in the last month.
Is this uncertainty due to concerns over additional lockdown measures? Is it about the lack of additional coronavirus stimulus? Is the market reacting to a surge in jobless claims? Or is this just the somewhat normal volatility that comes in an election year that promises to be like none in American history.
The answer is all of the above and then some. But does that mean you should stay out of equities? I don’t think so. Where are you going to go? The Fed has promised interest rates are going nowhere fast. And that bit of news is weighing down the bond market.
So stocks it is. But although growth-seeking investors may be tempted to look at the tech sector to see what’s on sale today, I suggest taking a more targeted approach. Rather than looking at a single sector, try to look at solid performers in different sectors that may be ready to surge over the last three months.
The pandemic brought the entire market down. But once investors took a breath they found bargains. And if you had the courage to put your money to work in those stocks, you’ve been rewarded.
Times like these call for the same type of courage. And that’s why we’ve put together this special presentation with seven stocks that look ready to surprise investors with nice end-of-year gains.
View the “7 Stocks That Could Provide a Year-End Rally”.