Morgan Stanley Issues Positive Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its price objective raised by investment analysts at Morgan Stanley from $47.00 to $49.00 in a report released on Friday, July 11th, MarketBeat Ratings reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective suggests a potential downside of 18.35% from the company’s current price.

Several other research analysts also recently issued reports on the stock. Barclays lowered their price target on shares of Red Rock Resorts from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Truist Financial lowered their target price on Red Rock Resorts from $56.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Stifel Nicolaus cut their price target on Red Rock Resorts from $54.00 to $44.00 and set a “hold” rating on the stock in a research note on Friday, May 2nd. Macquarie restated an “outperform” rating and set a $58.00 price target on shares of Red Rock Resorts in a report on Friday, May 2nd. Finally, Susquehanna dropped their price objective on shares of Red Rock Resorts from $61.00 to $52.00 and set a “positive” rating for the company in a report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.27.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $60.01 on Friday. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 3.59 and a beta of 1.62. Red Rock Resorts has a fifty-two week low of $35.09 and a fifty-two week high of $60.15. The company has a debt-to-equity ratio of 9.04, a quick ratio of 0.87 and a current ratio of 0.92. The stock has a fifty day moving average price of $52.09 and a 200-day moving average price of $47.84.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.55. The company had revenue of $526.27 million during the quarter, compared to the consensus estimate of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.56%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 EPS. As a group, equities analysts anticipate that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently added to or reduced their stakes in RRR. GAMMA Investing LLC boosted its holdings in shares of Red Rock Resorts by 7,978.4% in the 1st quarter. GAMMA Investing LLC now owns 8,240 shares of the company’s stock worth $357,000 after buying an additional 8,138 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Red Rock Resorts by 19.2% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company’s stock valued at $69,494,000 after acquiring an additional 258,310 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Red Rock Resorts during the 1st quarter valued at approximately $750,000. KBC Group NV increased its stake in shares of Red Rock Resorts by 44.6% during the 1st quarter. KBC Group NV now owns 2,887 shares of the company’s stock worth $125,000 after purchasing an additional 891 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Red Rock Resorts by 47.4% in the 4th quarter. Deutsche Bank AG now owns 41,788 shares of the company’s stock worth $1,932,000 after purchasing an additional 13,441 shares during the period. Hedge funds and other institutional investors own 47.84% of the company’s stock.

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.