Truist Financial Upgrades Red Rock Resorts (NASDAQ:RRR) to Buy

Red Rock Resorts (NASDAQ:RRR) was upgraded by stock analysts at Truist Financial from a “hold” rating to a “buy” rating in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $67.00 price objective on the stock, up from their prior price objective of $45.00. Truist Financial’s price objective points to a potential upside of 21.00% from the company’s current price.

RRR has been the subject of several other research reports. Susquehanna cut their target price on shares of Red Rock Resorts from $61.00 to $52.00 and set a “positive” rating for the company in a research note on Wednesday, April 16th. Morgan Stanley set a $49.00 target price on shares of Red Rock Resorts and gave the company an “equal weight” rating in a research note on Friday, July 11th. JMP Securities cut their target price on shares of Red Rock Resorts from $59.00 to $55.00 and set a “market outperform” rating for the company in a research note on Thursday, April 17th. Macquarie reissued an “outperform” rating and issued a $58.00 target price on shares of Red Rock Resorts in a research note on Friday, May 2nd. Finally, Barclays cut their target price on shares of Red Rock Resorts from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts currently has an average rating of “Moderate Buy” and an average target price of $54.55.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $55.37 on Wednesday. The firm’s fifty day moving average price is $50.54 and its 200 day moving average price is $47.21. Red Rock Resorts has a 1-year low of $35.09 and a 1-year high of $61.15. The company has a debt-to-equity ratio of 9.04, a current ratio of 0.92 and a quick ratio of 0.87. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 21.46, a price-to-earnings-growth ratio of 5.85 and a beta of 1.62.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Thursday, May 1st. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.47 by $0.33. The company had revenue of $497.86 million for the quarter, compared to analyst estimates of $499.12 million. Red Rock Resorts had a net margin of 8.01% and a return on equity of 56.45%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. On average, sell-side analysts expect that Red Rock Resorts will post 1.76 EPS for the current year.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors have recently made changes to their positions in RRR. Sterling Capital Management LLC lifted its holdings in Red Rock Resorts by 654.7% in the 4th quarter. Sterling Capital Management LLC now owns 883 shares of the company’s stock worth $41,000 after purchasing an additional 766 shares during the last quarter. Pandora Wealth Inc. acquired a new stake in Red Rock Resorts in the 1st quarter worth approximately $43,000. US Bancorp DE lifted its holdings in Red Rock Resorts by 1,664.4% in the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock worth $45,000 after purchasing an additional 982 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in Red Rock Resorts in the 1st quarter worth approximately $89,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Red Rock Resorts by 47.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company’s stock worth $95,000 after purchasing an additional 664 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

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.