JPMorgan Chase & Co. Lowers Red Rock Resorts (NASDAQ:RRR) Price Target to $50.00

Red Rock Resorts (NASDAQ:RRR) had its price objective lowered by analysts at JPMorgan Chase & Co. from $54.00 to $50.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 21.74% from the company’s current price.

A number of other brokerages have also weighed in on RRR. Morgan Stanley lowered their price objective on Red Rock Resorts from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, October 13th. Wells Fargo & Company decreased their target price on Red Rock Resorts from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Tuesday. StockNews.com began coverage on Red Rock Resorts in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Susquehanna began coverage on Red Rock Resorts in a research report on Monday, September 11th. They issued a “positive” rating and a $52.00 target price for the company. Finally, Truist Financial decreased their target price on Red Rock Resorts from $50.00 to $46.00 and set a “hold” rating for the company in a research report on Wednesday, October 18th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $41.07 on Wednesday. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $51.35. The business has a 50 day moving average price of $41.65 and a two-hundred day moving average price of $44.95. The company has a quick ratio of 0.61, a current ratio of 0.66 and a debt-to-equity ratio of 26.38. The firm has a market cap of $4.29 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 16.73 and a beta of 2.14.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.19. Red Rock Resorts had a return on equity of 196.00% and a net margin of 12.54%. The firm had revenue of $411.61 million during the quarter, compared to analyst estimates of $410.87 million. During the same quarter last year, the firm earned $0.84 EPS. Red Rock Resorts’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts expect that Red Rock Resorts will post 1.65 earnings per share for the current fiscal year.

Institutional Trading of Red Rock Resorts

Several hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers lifted its holdings in shares of Red Rock Resorts by 3.0% in the 3rd quarter. Rhumbline Advisers now owns 76,604 shares of the company’s stock worth $3,141,000 after purchasing an additional 2,243 shares during the last quarter. Deutsche Bank AG raised its stake in Red Rock Resorts by 15.6% during the 3rd quarter. Deutsche Bank AG now owns 24,888 shares of the company’s stock valued at $1,020,000 after acquiring an additional 3,366 shares in the last quarter. UBS Group AG raised its stake in Red Rock Resorts by 20.4% during the 3rd quarter. UBS Group AG now owns 71,592 shares of the company’s stock valued at $2,935,000 after acquiring an additional 12,128 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in Red Rock Resorts by 9.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 57,408 shares of the company’s stock valued at $2,354,000 after acquiring an additional 5,029 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Red Rock Resorts by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 525,127 shares of the company’s stock valued at $21,530,000 after acquiring an additional 19,175 shares in the last quarter. Institutional investors own 51.21% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company owns and operates 6 gaming and entertainment facilities, and 9 smaller casinos in the Las Vegas regional market.