Red Rock Resorts (NASDAQ:RRR) Stock Price Down 7.6% on Analyst Downgrade

Red Rock Resorts, Inc. (NASDAQ:RRR) shares traded down 7.6% on Wednesday after Barclays lowered their price target on the stock from $64.00 to $63.00. Barclays currently has an overweight rating on the stock. Red Rock Resorts traded as low as $48.17 and last traded at $50.24. 430,575 shares were traded during mid-day trading, an increase of 2% from the average session volume of 423,167 shares. The stock had previously closed at $54.36.

A number of other analysts have also issued reports on the company. Mizuho decreased their price objective on Red Rock Resorts from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday. JMP Securities cut their target price on Red Rock Resorts from $66.00 to $65.00 and set a “market outperform” rating for the company in a research note on Wednesday. Susquehanna lifted their price objective on Red Rock Resorts from $52.00 to $66.00 and gave the stock a “positive” rating in a report on Thursday, February 8th. Stifel Nicolaus lowered their price target on shares of Red Rock Resorts from $61.00 to $59.00 and set a “hold” rating for the company in a report on Wednesday. Finally, Morgan Stanley upped their price target on Red Rock Resorts from $51.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and an average target price of $61.75.

Insider Activity

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.74, for a total value of $434,204.80. Following the sale, the chief financial officer now owns 243,808 shares in the company, valued at $14,077,473.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 53.28% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in shares of Red Rock Resorts by 46.4% in the third quarter. FMR LLC now owns 5,249,335 shares of the company’s stock worth $215,223,000 after purchasing an additional 1,663,839 shares during the last quarter. Bamco Inc. NY lifted its position in shares of Red Rock Resorts by 10.8% during the 3rd quarter. Bamco Inc. NY now owns 9,856,963 shares of the company’s stock valued at $404,135,000 after buying an additional 962,841 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Red Rock Resorts during the 4th quarter valued at approximately $40,331,000. Capital World Investors bought a new stake in Red Rock Resorts during the 4th quarter worth approximately $24,897,000. Finally, Eminence Capital LP boosted its position in shares of Red Rock Resorts by 21.1% in the fourth quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock worth $126,582,000 after purchasing an additional 413,871 shares during the period. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Trading Down 7.6 %

The stock has a market capitalization of $5.28 billion, a PE ratio of 17.02, a PEG ratio of 2.81 and a beta of 2.08. The stock’s 50 day moving average price is $57.69 and its 200-day moving average price is $52.50. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.18. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. The firm had revenue of $488.90 million during the quarter, compared to analyst estimates of $490.49 million. During the same quarter last year, the business posted $0.75 earnings per share. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts expect that Red Rock Resorts, Inc. will post 1.92 earnings per share for the current fiscal year.

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.