Monarch Casino & Resort (NASDAQ:MCRI) Announces Quarterly Earnings Results

by · The Markets Daily

Monarch Casino & Resort (NASDAQ:MCRI – Get Free Report) issued its earnings results on Wednesday. The company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.12), FiscalAI reports. Monarch Casino & Resort had a return on equity of 19.33% and a net margin of 19.26%.The firm had revenue of $140.00 million during the quarter, compared to the consensus estimate of $139.39 million.

Monarch Casino & Resort Trading Down 0.5%

MCRI stock traded down $0.51 during trading on Wednesday, reaching $93.31. The stock had a trading volume of 149,838 shares, compared to its average volume of 96,553. The firm has a market cap of $1.70 billion, a PE ratio of 16.84 and a beta of 1.34. The stock’s 50 day moving average is $94.94 and its two-hundred day moving average is $97.90. Monarch Casino & Resort has a 52 week low of $69.99 and a 52 week high of $113.88.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $100.63, for a total transaction of $100,630.00. Following the completion of the sale, the chief executive officer owned 553,110 shares of the company’s stock, valued at $55,659,459.30. This represents a 0.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 25.52% of the stock is owned by insiders.

Institutional Trading of Monarch Casino & Resort

Several large investors have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd raised its position in Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after acquiring an additional 82,035 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Monarch Casino & Resort by 64.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock worth $18,943,000 after purchasing an additional 70,185 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Monarch Casino & Resort by 1,483.4% in the 2nd quarter. Lazard Asset Management LLC now owns 42,561 shares of the company’s stock worth $3,678,000 after purchasing an additional 39,873 shares in the last quarter. Millennium Management LLC raised its holdings in Monarch Casino & Resort by 364.5% in the 3rd quarter. Millennium Management LLC now owns 48,599 shares of the company’s stock worth $5,144,000 after purchasing an additional 38,136 shares during the period. Finally, Vident Advisory LLC lifted its position in Monarch Casino & Resort by 444.7% during the third quarter. Vident Advisory LLC now owns 30,317 shares of the company’s stock valued at $3,209,000 after purchasing an additional 24,751 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MCRI shares. Wells Fargo & Company boosted their price objective on shares of Monarch Casino & Resort from $89.00 to $91.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 22nd. Jefferies Financial Group reissued a “hold” rating and issued a $112.00 target price on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Stifel Nicolaus upped their price target on Monarch Casino & Resort from $92.00 to $97.00 and gave the company a “hold” rating in a report on Wednesday, October 22nd. Wall Street Zen downgraded Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $99.40.

Read Our Latest Stock Analysis on Monarch Casino & Resort

Monarch Casino & Resort Company Profile

(Get Free Report)

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

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