JMP Securities Lowers Red Rock Resorts (NASDAQ:RRR) Price Target to $65.00

Red Rock Resorts (NASDAQ:RRR) had its target price reduced by equities research analysts at JMP Securities from $66.00 to $65.00 in a research report issued to clients and investors on Wednesday, May 8th, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price objective points to a potential upside of 26.31% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Mizuho lowered 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, May 8th. Bank of America raised their price objective on Red Rock Resorts from $52.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Macquarie upgraded Red Rock Resorts from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $51.00 to $58.00 in a research note on Wednesday, January 17th. JPMorgan Chase & Co. lifted their price target on Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Finally, Susquehanna lifted their price target on Red Rock Resorts from $52.00 to $66.00 and gave the company a “positive” rating in a research note on Thursday, February 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Red Rock Resorts has a consensus rating of “Moderate Buy” and a consensus price target of $61.58.

Red Rock Resorts Stock Performance

NASDAQ:RRR traded up $0.14 during mid-day trading on Wednesday, hitting $51.46. 22,637 shares of the stock were exchanged, compared to its average volume of 440,890. The stock has a market capitalization of $5.41 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 2.45 and a beta of 2.08. The firm’s 50-day simple moving average is $56.78 and its 200 day simple moving average is $53.13. The company has a debt-to-equity ratio of 18.49, a quick ratio of 0.85 and a current ratio of 0.90. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.18. The business had revenue of $488.90 million during the quarter, compared to analysts’ expectations of $490.49 million. Red Rock Resorts had a return on equity of 98.44% and a net margin of 9.79%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the firm posted $0.75 EPS. As a group, equities analysts anticipate that Red Rock Resorts will post 1.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Vice President Lorenzo J. Fertitta purchased 800,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $50.39 per share, with a total value of $40,312,000.00. Following the purchase, the insider now owns 47,447,301 shares in the company, valued at $2,390,869,497.39. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Vice President Lorenzo J. Fertitta acquired 800,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost of $50.39 per share, with a total value of $40,312,000.00. Following the acquisition, the insider now owns 47,447,301 shares of the company’s stock, valued at approximately $2,390,869,497.39. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.74, for a total value of $434,204.80. Following the sale, the chief financial officer now directly owns 243,808 shares of the company’s stock, valued at $14,077,473.92. The disclosure for this sale can be found here. 53.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Red Rock Resorts

Institutional investors have recently modified their holdings of the business. Covestor Ltd lifted its stake in Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Red Rock Resorts during the first quarter worth $78,000. Virtu Financial LLC purchased a new stake in shares of Red Rock Resorts during the fourth quarter worth $212,000. Core Wealth Partners LLC purchased a new stake in shares of Red Rock Resorts during the fourth quarter worth $213,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Red Rock Resorts during the first quarter worth $236,000. 47.84% of the stock is owned by institutional investors.

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.