Red Rock Resorts (NASDAQ:RRR) Stock Price Expected to Rise, Macquarie Analyst Says

Red Rock Resorts (NASDAQ:RRR) had its price target upped by stock analysts at Macquarie from $67.00 to $68.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price target would suggest a potential upside of 26.42% from the stock’s current price.

RRR has been the topic of a number of other reports. Truist Financial boosted their price objective on Red Rock Resorts from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. JMP Securities boosted their price objective on Red Rock Resorts from $64.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Rock Resorts in a research note on Wednesday, October 8th. Susquehanna boosted their price objective on Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a research note on Wednesday. Finally, Stifel Nicolaus boosted their price objective on Red Rock Resorts from $60.00 to $63.00 and gave the company a “hold” rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and an average price target of $63.30.

Red Rock Resorts Stock Performance

Shares of RRR opened at $53.79 on Wednesday. The firm has a market cap of $5.67 billion, a PE ratio of 17.13, a PEG ratio of 1.93 and a beta of 1.47. The stock’s fifty day moving average price is $60.13 and its two-hundred day moving average price is $54.02. The company has a debt-to-equity ratio of 11.28, a current ratio of 0.89 and a quick ratio of 0.84. Red Rock Resorts has a 1 year low of $35.09 and a 1 year high of $63.60.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.32. The firm had revenue of $475.57 million for the quarter, compared to analyst estimates of $477.25 million. Red Rock Resorts had a return on equity of 60.15% and a net margin of 9.52%.The business’s revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 earnings per share. On average, equities research analysts forecast that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts declared that its board has approved a stock buyback program on Tuesday, October 28th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, COO Kord Nichols sold 42,325 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.61, for a total transaction of $2,480,668.25. Following the completion of the transaction, the chief operating officer directly owned 129,361 shares in the company, valued at $7,581,848.21. The trade was a 24.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 84,650 shares of company stock worth $5,063,606 in the last three months. 53.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Red Rock Resorts

A number of hedge funds and other institutional investors have recently modified their holdings of RRR. Bamco Inc. NY boosted its holdings in shares of Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after purchasing an additional 666,593 shares in the last quarter. Eminence Capital LP boosted its holdings in shares of Red Rock Resorts by 23.4% in the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock worth $159,179,000 after purchasing an additional 581,061 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Red Rock Resorts by 53.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 793,371 shares of the company’s stock worth $41,279,000 after purchasing an additional 277,426 shares in the last quarter. Nuveen LLC purchased a new position in shares of Red Rock Resorts in the 1st quarter worth about $11,025,000. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Red Rock Resorts by 10.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock worth $92,281,000 after purchasing an additional 171,235 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

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.