Monarch Casino & Resort (NASDAQ:MCRI) Raised to Equal Weight at Wells Fargo & Company

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by equities research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a $89.00 price objective on the stock, up from their prior price objective of $83.00. Wells Fargo & Company‘s target price points to a potential downside of 15.36% from the company’s previous close.

MCRI has been the subject of a number of other reports. Stifel Nicolaus reduced their price target on shares of Monarch Casino & Resort from $90.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Sunday, July 13th. Macquarie reiterated a “neutral” rating and issued a $92.00 target price on shares of Monarch Casino & Resort in a research note on Wednesday, April 23rd. Finally, Truist Financial lifted their target price on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $93.20.

Monarch Casino & Resort Stock Up 0.3%

MCRI stock opened at $105.15 on Thursday. Monarch Casino & Resort has a fifty-two week low of $67.14 and a fifty-two week high of $113.88. The firm’s 50-day simple moving average is $85.83 and its 200 day simple moving average is $83.48. The stock has a market cap of $1.94 billion, a PE ratio of 19.77 and a beta of 1.54.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. The company had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. Equities analysts forecast that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors have recently modified their holdings of MCRI. Fuller & Thaler Asset Management Inc. bought a new position in shares of Monarch Casino & Resort during the 4th quarter worth approximately $19,346,000. Invesco Ltd. grew its stake in shares of Monarch Casino & Resort by 147.1% during the 1st quarter. Invesco Ltd. now owns 222,770 shares of the company’s stock worth $17,320,000 after acquiring an additional 132,599 shares in the last quarter. Nuveen LLC bought a new position in shares of Monarch Casino & Resort during the 1st quarter worth approximately $9,872,000. Raymond James Financial Inc. bought a new position in shares of Monarch Casino & Resort during the 4th quarter worth approximately $6,118,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Monarch Casino & Resort during the 1st quarter worth approximately $5,904,000. 62.37% of the stock is currently owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.