JMP Securities Forecasts Strong Price Appreciation for Red Rock Resorts (NASDAQ:RRR) Stock

Red Rock Resorts (NASDAQ:RRR) had its price target raised by equities research analysts at JMP Securities from $55.00 to $57.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price would indicate a potential upside of 3.86% from the stock’s current price.

A number of other brokerages also recently issued reports on RRR. JPMorgan Chase & Co. started coverage on shares of Red Rock Resorts in a report on Monday, June 23rd. They issued an “overweight” rating and a $62.00 price target on the stock. Stifel Nicolaus dropped their price objective on Red Rock Resorts from $54.00 to $44.00 and set a “hold” rating for the company in a research note on Friday, May 2nd. Mizuho raised Red Rock Resorts from a “neutral” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Monday, June 2nd. Susquehanna dropped their price objective on 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. Finally, Morgan Stanley set a $49.00 price objective on Red Rock Resorts and gave the company an “equal weight” rating in a research note on Friday, July 11th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.45.

Red Rock Resorts Stock Down 0.9%

RRR stock opened at $54.88 on Friday. The stock’s 50 day simple moving average is $50.75 and its 200 day simple moving average is $47.28. Red Rock Resorts has a fifty-two week low of $35.09 and a fifty-two week high of $61.08. 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 company has a market cap of $5.82 billion, a P/E ratio of 21.27, a price-to-earnings-growth ratio of 3.58 and a beta of 1.62.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC raised 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 valued at $41,000 after acquiring an additional 766 shares during the last quarter. Pandora Wealth Inc. acquired a new stake in Red Rock Resorts in the 1st quarter valued at about $43,000. US Bancorp DE raised 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 valued at $45,000 after acquiring an additional 982 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Red Rock Resorts in the 1st quarter valued at approximately $89,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of 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 valued at $95,000 after buying an additional 664 shares during the period. Institutional investors and hedge funds own 47.84% of the company’s stock.

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.