Monarch Casino & Resort (NASDAQ:MCRI) Downgraded to “Sell” at BidaskClub

BidaskClub lowered shares of Monarch Casino & Resort (NASDAQ:MCRI) from a hold rating to a sell rating in a research note released on Tuesday morning, BidAskClub reports.

MCRI has been the subject of a number of other research reports. Union Gaming Research upgraded shares of Monarch Casino & Resort to a buy rating and set a $38.00 price objective for the company in a report on Friday, April 24th. Zacks Investment Research downgraded shares of Monarch Casino & Resort from a hold rating to a sell rating in a report on Wednesday, June 10th. Stifel Nicolaus upgraded shares of Monarch Casino & Resort from a hold rating to a buy rating and increased their price objective for the company from $35.00 to $42.00 in a report on Monday, April 27th. Finally, SunTrust Banks initiated coverage on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. They issued a buy rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Monarch Casino & Resort presently has an average rating of Buy and an average price target of $47.20.

MCRI opened at $34.05 on Tuesday. Monarch Casino & Resort has a twelve month low of $12.83 and a twelve month high of $57.57. The company has a quick ratio of 0.78, a current ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $36.55 and a 200 day moving average price of $39.72. The company has a market cap of $619.23 million, a PE ratio of 20.15 and a beta of 1.49.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.19). Monarch Casino & Resort had a return on equity of 9.39% and a net margin of 11.11%. The company had revenue of $51.01 million for the quarter, compared to analyst estimates of $53.45 million. As a group, sell-side analysts expect that Monarch Casino & Resort will post -0.32 earnings per share for the current year.

In other news, President Bob Farahi sold 16,994 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $40.65, for a total value of $690,806.10. Following the completion of the sale, the president now owns 154,423 shares of the company’s stock, valued at approximately $6,277,294.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 26.75% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Barclays PLC grew its stake in shares of Monarch Casino & Resort by 11.1% in the 4th quarter. Barclays PLC now owns 19,923 shares of the company’s stock valued at $967,000 after buying an additional 1,984 shares during the period. Two Sigma Investments LP purchased a new stake in shares of Monarch Casino & Resort in the 1st quarter valued at approximately $1,526,000. Wellington Management Group LLP grew its stake in shares of Monarch Casino & Resort by 30.3% in the 1st quarter. Wellington Management Group LLP now owns 582,197 shares of the company’s stock valued at $16,342,000 after buying an additional 135,285 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Monarch Casino & Resort by 42.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,570 shares of the company’s stock valued at $128,000 after buying an additional 1,373 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Monarch Casino & Resort by 9.4% during the 1st quarter. JPMorgan Chase & Co. now owns 970,776 shares of the company’s stock worth $27,250,000 after purchasing an additional 83,341 shares during the period. 61.92% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada. It also owns and operates the Monarch Casino Black Hawk in Black Hawk, Colorado. As of February 20, 2019, the company's Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 824 guest rooms; 8 food outlets; 2 espresso and pastry bars; a 30,000 square-foot health spa and salon with an enclosed pool; 2 retail outlets offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention, and meeting room space.

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