Red Rock Resorts (NASDAQ:RRR) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $59.35 and traded as high as $62.25. Red Rock Resorts shares last traded at $61.57, with a volume of 356,337 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on RRR. Mizuho lifted their target price on shares of Red Rock Resorts from $62.00 to $67.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Morgan Stanley set a $60.00 price target on shares of Red Rock Resorts in a report on Friday, January 16th. Truist Financial set a $75.00 price objective on shares of Red Rock Resorts in a report on Tuesday, January 13th. Citizens Jmp upped their target price on Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a research report on Wednesday, January 14th. Finally, Barclays lifted their price target on Red Rock Resorts from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.43.

Red Rock Resorts Stock Up 0.5%

The business’s 50 day moving average is $60.50 and its 200-day moving average is $59.35. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 2.61 and a beta of 1.50. The company has a debt-to-equity ratio of 10.11, a quick ratio of 0.70 and a current ratio of 0.75.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data 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. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The business had revenue of $475.57 million for the quarter, compared to the consensus estimate of $477.25 million. During the same period last year, the firm posted $0.48 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

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

Institutional Investors Weigh In On Red Rock Resorts

Several large investors have recently bought and sold shares of the company. Capital Fund Management S.A. purchased a new position in Red Rock Resorts in the 2nd quarter worth approximately $1,441,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Red Rock Resorts in the second quarter valued at approximately $62,000. Diametric Capital LP acquired a new stake in shares of Red Rock Resorts in the second quarter valued at approximately $3,786,000. Creative Planning lifted its position in Red Rock Resorts by 26.4% during the second quarter. Creative Planning now owns 26,406 shares of the company’s stock worth $1,374,000 after buying an additional 5,518 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in Red Rock Resorts during the second quarter worth $8,386,000. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.