Stifel Nicolaus Forecasts Strong Price Appreciation for Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective raised by equities researchers at Stifel Nicolaus from $80.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price target indicates a potential downside of 4.42% from the stock’s previous close.

Several other analysts have also issued reports on MCRI. Wells Fargo & Company increased their price target on shares of Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday. Jefferies Financial Group raised their target price on Monarch Casino & Resort from $73.00 to $88.00 and gave the company a “hold” rating in a report on Friday, January 3rd. StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, Truist Financial raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating and increased their target price for the stock from $82.00 to $100.00 in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $87.20.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI opened at $94.16 on Wednesday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 20.83 and a beta of 1.74. Monarch Casino & Resort has a fifty-two week low of $64.50 and a fifty-two week high of $96.11. The stock has a fifty day moving average price of $82.89 and a 200-day moving average price of $79.59.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.23. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same quarter in the previous year, the business earned $1.03 earnings per share. Research analysts predict that Monarch Casino & Resort will post 4.73 EPS for the current fiscal year.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $77.70, for a total value of $77,700.00. Following the sale, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. The trade was a 0.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 24.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

Institutional investors have recently made changes to their positions in the stock. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC raised its position in shares of Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after acquiring an additional 178 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Monarch Casino & Resort in the 4th quarter valued at about $53,000. KBC Group NV boosted its position in shares of Monarch Casino & Resort by 67.8% during the 4th quarter. KBC Group NV now owns 980 shares of the company’s stock valued at $77,000 after purchasing an additional 396 shares in the last quarter. Finally, Independence Bank of Kentucky acquired a new stake in Monarch Casino & Resort during the fourth quarter worth approximately $93,000. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.