Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 1-Year High – Here’s Why

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) reached a new 52-week high on Thursday . The stock traded as high as $84.49 and last traded at $84.27, with a volume of 20741 shares. The stock had previously closed at $83.40.

Analysts Set New Price Targets

Several research firms recently commented on MCRI. Truist Financial lifted their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Stifel Nicolaus raised their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. StockNews.com lowered Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 6th. Finally, Macquarie reaffirmed a “neutral” rating and set a $76.00 price objective on shares of Monarch Casino & Resort in a report on Thursday, July 25th.

Monarch Casino & Resort Stock Up 0.3 %

The company has a market capitalization of $1.54 billion, a P/E ratio of 18.45 and a beta of 1.73. The company has a 50 day simple moving average of $78.36 and a two-hundred day simple moving average of $73.11.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.10. The company had revenue of $137.87 million for the quarter, compared to analyst estimates 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 prior year, the firm posted $1.38 EPS. As a group, research analysts expect that Monarch Casino & Resort, Inc. will post 4.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Monarch Casino & Resort

Hedge funds have recently bought and sold shares of the business. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort in the third quarter worth approximately $30,000. GAMMA Investing LLC lifted its stake in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after acquiring an additional 178 shares during the period. Meeder Asset Management Inc. purchased a new position in Monarch Casino & Resort during the 2nd quarter valued at about $53,000. Canada Pension Plan Investment Board purchased a new position in Monarch Casino & Resort during the 2nd quarter valued at about $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Monarch Casino & Resort by 81.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after purchasing an additional 1,221 shares during the period. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

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.