Short Interest in Red Rock Resorts, Inc. (NASDAQ:RRR) Drops By 21.1%

Red Rock Resorts, Inc. (NASDAQ:RRR) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 2,250,000 shares, a drop of 21.1% from the November 15th total of 2,850,000 shares. Approximately 4.5% of the company’s stock are sold short. Based on an average daily volume of 600,400 shares, the days-to-cover ratio is presently 3.7 days.

Red Rock Resorts Stock Performance

NASDAQ:RRR traded down $0.46 during mid-day trading on Friday, hitting $49.49. 419,445 shares of the stock were exchanged, compared to its average volume of 555,658. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 6.69 and a beta of 2.00. The firm’s 50-day simple moving average is $51.51 and its 200 day simple moving average is $53.61. The company has a debt-to-equity ratio of 14.28, a quick ratio of 0.96 and a current ratio of 1.02. Red Rock Resorts has a fifty-two week low of $47.18 and a fifty-two week high of $63.28.

Red Rock Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $1.00 annualized dividend and a yield of 2.02%. Red Rock Resorts’s dividend payout ratio is presently 37.04%.

Analyst Upgrades and Downgrades

RRR has been the subject of several research analyst reports. Macquarie reduced their target price on Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Barclays reduced their target price on Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Morgan Stanley lifted their target price on Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 4th. Wells Fargo & Company reduced their target price on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 17th. Finally, JMP Securities reiterated a “market outperform” rating and set a $65.00 target price on shares of Red Rock Resorts in a research note on Monday, October 14th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.42.

Hedge Funds Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RRR. Sequoia Financial Advisors LLC raised its holdings in Red Rock Resorts by 3.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock valued at $442,000 after acquiring an additional 292 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Red Rock Resorts by 26.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock worth $65,706,000 after buying an additional 251,855 shares in the last quarter. Institute for Wealth Management LLC. raised its holdings in shares of Red Rock Resorts by 57.8% during the 2nd quarter. Institute for Wealth Management LLC. now owns 11,804 shares of the company’s stock worth $648,000 after buying an additional 4,322 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Red Rock Resorts by 6.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock worth $22,200,000 after buying an additional 24,992 shares in the last quarter. Finally, Legato Capital Management LLC raised its holdings in shares of Red Rock Resorts by 139.9% during the 2nd quarter. Legato Capital Management LLC now owns 12,868 shares of the company’s stock worth $707,000 after buying an additional 7,503 shares in the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.