JPMorgan Chase & Co. Increases Red Rock Resorts (NASDAQ:RRR) Price Target to $72.00

Red Rock Resorts (NASDAQ:RRR) had its price target increased by analysts at JPMorgan Chase & Co. from $66.00 to $72.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 7.90% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $72.00 price target on shares of Red Rock Resorts in a research report on Thursday, April 30th. Truist Financial cut their price objective on Red Rock Resorts from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Susquehanna reduced their target price on Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a research note on Thursday, April 30th. Zacks Research downgraded Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company raised Red Rock Resorts from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $55.00 to $75.00 in a report on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.81.

Red Rock Resorts Stock Performance

Shares of RRR opened at $66.73 on Wednesday. The firm has a 50-day moving average of $59.71 and a 200-day moving average of $59.63. Red Rock Resorts has a one year low of $50.52 and a one year high of $68.99. The company has a market cap of $7.01 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 4.96 and a beta of 1.35. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The firm had revenue of $507.32 million during the quarter, compared to the consensus estimate of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 earnings per share. As a group, equities analysts forecast that Red Rock Resorts will post 1.53 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RRR. Valeo Financial Advisors LLC boosted its holdings in shares of Red Rock Resorts by 4.7% during the second quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock worth $338,000 after acquiring an additional 234 shares during the period. GAMMA Investing LLC grew its position in shares of Red Rock Resorts by 53.8% in the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after purchasing an additional 263 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Red Rock Resorts by 3.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock worth $643,000 after purchasing an additional 324 shares during the period. California State Teachers Retirement System increased its stake in shares of Red Rock Resorts by 0.7% during the second quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock worth $2,431,000 after purchasing an additional 343 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Red Rock Resorts by 3.9% during the third quarter. CANADA LIFE ASSURANCE Co now owns 10,022 shares of the company’s stock worth $628,000 after purchasing an additional 378 shares during the period. 47.84% of the stock is owned by 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.