Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 52-Week High – Here’s What Happened

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $84.15 and last traded at $83.88, with a volume of 7133 shares. The stock had previously closed at $83.14.

Analyst Ratings Changes

A number of brokerages have commented on MCRI. Macquarie restated a “neutral” rating and issued a $76.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 25th. Stifel Nicolaus increased their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. StockNews.com downgraded Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 6th. Finally, Truist Financial lifted their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd.

Monarch Casino & Resort Trading Up 0.2 %

The stock has a 50-day moving average price of $77.71 and a two-hundred day moving average price of $72.67. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 18.48 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.10. The company had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter in the previous year, the firm posted $1.38 EPS. Research analysts predict that Monarch Casino & Resort, Inc. will post 4.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. purchased a new stake in Monarch Casino & Resort during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC increased its stake in Monarch Casino & Resort by 61.0% during the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after buying an additional 178 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Monarch Casino & Resort during the 2nd quarter worth approximately $53,000. Canada Pension Plan Investment Board purchased a new stake in Monarch Casino & Resort during the 2nd quarter worth approximately $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Monarch Casino & Resort by 81.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after buying an additional 1,221 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.