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

Red Rock Resorts (NASDAQ:RRR) had its target price upped by Morgan Stanley from $62.00 to $63.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 11.70% from the stock’s previous close.

Several other brokerages have also recently weighed in on RRR. Susquehanna boosted their price target on shares of Red Rock Resorts from $69.00 to $77.00 and gave the company a “positive” rating in a research report on Wednesday, February 11th. Citizens Jmp boosted their price target on shares of 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. Citigroup reissued a “market outperform” rating on shares of Red Rock Resorts in a research report on Tuesday, March 10th. Truist Financial reissued a “buy” rating and set a $80.00 price target (up from $75.00) on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group lowered their price target on shares of Red Rock Resorts from $79.00 to $74.00 and set a “buy” rating on the stock in a research report on Monday. Twelve equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $70.57.

Red Rock Resorts Price Performance

Red Rock Resorts stock opened at $56.40 on Wednesday. Red Rock Resorts has a 52-week low of $39.15 and a 52-week high of $68.99. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 2.37 and a beta of 1.48. The company has a fifty day simple moving average of $59.85 and a 200-day simple moving average of $59.65. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 10.26.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The business had revenue of $511.78 million during the quarter, compared to analyst estimates of $500.90 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Red Rock Resorts in the third quarter valued at about $4,961,000. Cookson Peirce & Co. Inc. acquired a new position in Red Rock Resorts in the third quarter valued at about $1,203,000. Tudor Investment Corp ET AL acquired a new position in Red Rock Resorts in the third quarter valued at about $15,114,000. Armistice Capital LLC acquired a new position in Red Rock Resorts in the second quarter valued at about $8,386,000. Finally, Capital World Investors lifted its position in Red Rock Resorts by 47.1% in the third quarter. Capital World Investors now owns 312,500 shares of the company’s stock valued at $19,081,000 after buying an additional 100,000 shares during the last quarter. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

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.