Wall Street Zen Upgrades Monarch Casino & Resort (NASDAQ:MCRI) to Buy

Wall Street Zen upgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a hold rating to a buy rating in a research note issued to investors on Friday.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company increased their price objective on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the company an “underweight” rating in a research note on Wednesday, February 12th. Macquarie reiterated a “neutral” rating and issued a $92.00 price objective on shares of Monarch Casino & Resort in a research note on Wednesday, April 23rd. Stifel Nicolaus decreased their price objective on shares of Monarch Casino & Resort from $90.00 to $81.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. Finally, Truist Financial decreased their price objective on shares of Monarch Casino & Resort from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Monarch Casino & Resort currently has an average rating of “Hold” and a consensus target price of $88.60.

Monarch Casino & Resort Price Performance

MCRI opened at $83.85 on Friday. Monarch Casino & Resort has a fifty-two week low of $65.65 and a fifty-two week high of $96.11. The firm has a market capitalization of $1.55 billion, a PE ratio of 16.94 and a beta of 1.59. The company’s 50-day moving average is $78.55 and its 200 day moving average is $82.46.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, April 22nd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.01. Monarch Casino & Resort had a net margin of 18.01% and a return on equity of 18.27%. The company had revenue of $125.39 million for the quarter, compared to analyst estimates of $122.70 million. As a group, analysts expect that Monarch Casino & Resort will post 5.13 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MCRI. Barclays PLC grew its position in shares of Monarch Casino & Resort by 108.2% during the 3rd quarter. Barclays PLC now owns 33,508 shares of the company’s stock valued at $2,656,000 after acquiring an additional 17,413 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Monarch Casino & Resort by 30.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,693 shares of the company’s stock valued at $134,000 after acquiring an additional 400 shares during the period. KBC Group NV grew its position in shares of Monarch Casino & Resort by 67.8% during the 4th quarter. KBC Group NV now owns 980 shares of the company’s stock valued at $77,000 after acquiring an additional 396 shares during the period. Pacer Advisors Inc. grew its position in shares of Monarch Casino & Resort by 49.8% during the 4th quarter. Pacer Advisors Inc. now owns 2,760 shares of the company’s stock valued at $218,000 after acquiring an additional 917 shares during the period. Finally, Independence Bank of Kentucky bought a new position in shares of Monarch Casino & Resort during the 4th quarter valued at approximately $93,000. 62.37% of the stock is owned by institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.