Bank of America Issues Positive Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its price target increased by investment analysts at Bank of America from $60.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price would suggest a potential upside of 7.16% from the stock’s current price.

Several other brokerages have also recently weighed in on RRR. The Goldman Sachs Group reiterated a “buy” rating and set a $73.00 price target on shares of Red Rock Resorts in a research report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Red Rock Resorts in a report on Thursday, July 2nd. Zacks Research cut shares of Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Finally, Benchmark cut their price target on shares of Red Rock Resorts from $67.00 to $63.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Fourteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.24.

Red Rock Resorts Stock Performance

RRR stock traded up $0.57 during midday trading on Monday, reaching $65.32. 117,202 shares of the company’s stock traded hands, compared to its average volume of 822,569. The firm has a market capitalization of $6.86 billion, a PE ratio of 21.06, a price-to-earnings-growth ratio of 4.90 and a beta of 1.35. The company has a 50-day moving average price of $59.92 and a two-hundred day moving average price of $59.64. Red Rock Resorts has a 52 week low of $50.52 and a 52 week high of $68.99. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The company had revenue of $507.32 million during the quarter, compared to the consensus estimate of $505.63 million. During the same period in the previous year, the business earned $0.75 earnings per share. Red Rock Resorts’s revenue was up 1.9% on a year-over-year basis. As a group, equities analysts anticipate that Red Rock Resorts will post 1.53 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RRR. Valeo Financial Advisors LLC grew its position in Red Rock Resorts by 4.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock valued at $338,000 after purchasing an additional 234 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after buying an additional 263 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Red Rock Resorts by 3.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock valued at $643,000 after acquiring an additional 324 shares in the last quarter. California State Teachers Retirement System raised its holdings in Red Rock Resorts by 0.7% in the 2nd quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock worth $2,431,000 after acquiring an additional 343 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its position in Red Rock Resorts by 3.9% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 10,022 shares of the company’s stock valued at $628,000 after acquiring an additional 378 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

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.