Red Rock Resorts, Inc. (NASDAQ:RRR) Sees Significant Drop in Short Interest

Red Rock Resorts, Inc. (NASDAQ:RRR) was the target of a significant drop in short interest in January. As of January 15th, there was short interest totalling 1,750,000 shares, a drop of 25.8% from the December 31st total of 2,360,000 shares. Approximately 3.5% of the shares of the stock are short sold. Based on an average trading volume of 617,200 shares, the days-to-cover ratio is presently 2.8 days.

Red Rock Resorts Trading Up 3.8 %

Shares of Red Rock Resorts stock opened at $49.52 on Friday. The stock has a 50 day moving average of $47.46 and a 200 day moving average of $51.99. The company has a debt-to-equity ratio of 14.28, a quick ratio of 0.96 and a current ratio of 1.02. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 5.16 and a beta of 2.01. Red Rock Resorts has a fifty-two week low of $42.46 and a fifty-two week high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.11. The business had revenue of $468.02 million during the quarter, compared to analysts’ expectations of $460.73 million. Red Rock Resorts had a return on equity of 73.20% and a net margin of 8.59%. During the same period in the prior year, the business posted $0.60 EPS. As a group, research analysts predict that Red Rock Resorts will post 1.44 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, December 16th. Red Rock Resorts’s dividend payout ratio (DPR) is 37.04%.

Hedge Funds Weigh In On Red Rock Resorts

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP lifted its stake in Red Rock Resorts by 479.4% during the third quarter. Quarry LP now owns 1,124 shares of the company’s stock worth $61,000 after purchasing an additional 930 shares in the last quarter. US Bancorp DE lifted its stake in Red Rock Resorts by 2,223.9% during the 3rd quarter. US Bancorp DE now owns 1,557 shares of the company’s stock worth $85,000 after acquiring an additional 1,490 shares in the last quarter. KBC Group NV lifted its stake in Red Rock Resorts by 37.1% during the 4th quarter. KBC Group NV now owns 1,996 shares of the company’s stock worth $92,000 after acquiring an additional 540 shares in the last quarter. nVerses Capital LLC boosted its holdings in Red Rock Resorts by 28.6% during the 3rd quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock valued at $196,000 after acquiring an additional 800 shares during the period. Finally, Mayfair Advisory Group LLC grew its position in Red Rock Resorts by 15.1% in the 4th quarter. Mayfair Advisory Group LLC now owns 4,497 shares of the company’s stock valued at $208,000 after acquiring an additional 591 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Analyst Ratings Changes

RRR has been the subject of several research reports. Jefferies Financial Group reiterated a “hold” rating and set a $51.00 price target (down from $64.00) on shares of Red Rock Resorts in a research report on Friday, January 3rd. Barclays dropped their target price on shares of Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Wells Fargo & Company decreased their price target on shares of Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. Mizuho cut shares of Red Rock Resorts from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $57.00 to $44.00 in a research note on Monday, November 25th. Finally, Macquarie decreased their target price on shares of Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.08.

About Red Rock Resorts

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.