Red Rock Resorts, Inc. (NASDAQ:RRR) Short Interest Update

Red Rock Resorts, Inc. (NASDAQ:RRR) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totaling 3,174,831 shares, a drop of 21.1% from the December 15th total of 4,021,478 shares. Based on an average daily volume of 706,783 shares, the short-interest ratio is presently 4.5 days. Currently, 6.4% of the company’s stock are short sold. Currently, 6.4% of the company’s stock are short sold. Based on an average daily volume of 706,783 shares, the short-interest ratio is presently 4.5 days.

Red Rock Resorts Stock Performance

Red Rock Resorts stock traded down $0.53 during midday trading on Friday, hitting $63.03. 647,346 shares of the company’s stock were exchanged, compared to its average volume of 516,380. The company has a debt-to-equity ratio of 10.11, a quick ratio of 0.70 and a current ratio of 0.75. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of 20.07, a price-to-earnings-growth ratio of 2.69 and a beta of 1.50. Red Rock Resorts has a 12-month low of $35.09 and a 12-month high of $64.69. The firm’s 50 day simple moving average is $60.01 and its 200 day simple moving average is $59.05.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.32. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The firm had revenue of $475.57 million for the quarter, compared to analyst estimates of $477.25 million. During the same quarter last year, the company posted $0.48 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. Equities research analysts predict that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Monday, December 15th. This is an increase from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s payout ratio is currently 33.12%.

Red Rock Resorts declared that its board has initiated a stock repurchase program on Tuesday, October 28th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently added to or reduced their stakes in RRR. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Red Rock Resorts by 230.5% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after buying an additional 385 shares in the last quarter. Strs Ohio acquired a new stake in Red Rock Resorts in the third quarter valued at $37,000. Ameritas Advisory Services LLC purchased a new stake in shares of Red Rock Resorts during the 2nd quarter worth $42,000. GAMMA Investing LLC grew its stake in shares of Red Rock Resorts by 53.8% during the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after purchasing an additional 263 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Red Rock Resorts in the 2nd quarter valued at about $62,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RRR. Stifel Nicolaus set a $68.00 price objective on shares of Red Rock Resorts and gave the stock a “buy” rating in a research report on Monday, November 3rd. Truist Financial set a $75.00 price objective on Red Rock Resorts in a report on Tuesday. Barclays raised their target price on Red Rock Resorts from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday. Citizens Jmp upped their price target on Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a report on Wednesday. Finally, Morgan Stanley set a $60.00 target price on shares of Red Rock Resorts in a research report on Friday. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and a consensus price target of $66.43.

Red Rock Resorts Company Profile

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.