Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Down – Here’s Why

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) gapped down before the market opened on Monday . The stock had previously closed at $87.24, but opened at $85.18. Monarch Casino & Resort shares last traded at $83.90, with a volume of 12,202 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Truist Financial raised their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Wells Fargo & Company began coverage on Monarch Casino & Resort in a research report on Monday. They issued an “underweight” rating and a $79.00 target price for the company. Finally, StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $78.50.

Monarch Casino & Resort Stock Down 1.1 %

The company’s 50-day simple moving average is $81.40 and its 200 day simple moving average is $75.48. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 18.18 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.10. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. The business had revenue of $137.87 million for the quarter, compared to the consensus estimate of $134.50 million. During the same period last year, the business earned $1.38 EPS. On average, equities analysts expect that Monarch Casino & Resort, Inc. will post 4.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its position in Monarch Casino & Resort by 518.8% in the 3rd quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock valued at $9,280,000 after buying an additional 98,153 shares during the last quarter. Weiss Asset Management LP lifted its holdings in Monarch Casino & Resort by 1,289.7% during the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock worth $6,279,000 after acquiring an additional 73,512 shares in the last quarter. Millennium Management LLC grew its position in shares of Monarch Casino & Resort by 376.1% in the 2nd quarter. Millennium Management LLC now owns 85,869 shares of the company’s stock valued at $5,850,000 after purchasing an additional 67,833 shares during the period. American Century Companies Inc. lifted its position in Monarch Casino & Resort by 17.3% in the 2nd quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock valued at $21,371,000 after acquiring an additional 46,323 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of Monarch Casino & Resort in the third quarter valued at about $2,349,000. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.