Red Rock Resorts (NASDAQ:RRR) Price Target Cut to $58.00 by Analysts at Truist Financial

Red Rock Resorts (NASDAQ:RRR) had its price target reduced by Truist Financial from $63.00 to $58.00 in a report published on Wednesday morning, Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other brokerages have also commented on RRR. Macquarie raised their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Barclays lifted their price target on Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Susquehanna upped their price objective on Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 24th. JMP Securities reissued a “market outperform” rating and issued a $65.00 target price on shares of Red Rock Resorts in a research report on Monday, October 14th. Finally, Morgan Stanley boosted their target price on Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Red Rock Resorts presently has a consensus rating of “Moderate Buy” and an average price target of $62.58.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $50.28 on Wednesday. The stock’s fifty day simple moving average is $54.53 and its 200 day simple moving average is $54.50. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15. The company has a market capitalization of $5.31 billion, a PE ratio of 17.83, a PEG ratio of 5.43 and a beta of 2.04. Red Rock Resorts has a 12 month low of $37.82 and a 12 month high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The company had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. During the same quarter last year, the firm posted $0.65 earnings per share. Red Rock Resorts’s revenue was up 16.9% compared to the same quarter last year. On average, research analysts predict that Red Rock Resorts will post 1.66 EPS for the current year.

Insiders Place Their Bets

In other news, VP Lorenzo J. Fertitta acquired 33,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were bought at an average cost of $54.49 per share, for a total transaction of $1,798,170.00. Following the purchase, the vice president now directly owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Red Rock Resorts news, VP Lorenzo J. Fertitta acquired 33,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was bought at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following the completion of the transaction, the vice president now directly owns 47,480,301 shares in the company, valued at approximately $2,587,201,601.49. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Kord Nichols sold 49,464 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $58.00, for a total value of $2,868,912.00. Following the transaction, the chief operating officer now directly owns 71,946 shares in the company, valued at $4,172,868. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 200,000 shares of company stock valued at $10,426,000. 53.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Red Rock Resorts

A number of hedge funds have recently modified their holdings of RRR. Mayfair Advisory Group LLC acquired a new position in Red Rock Resorts in the 3rd quarter valued at about $218,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Red Rock Resorts by 4,050.3% during the third quarter. Sequoia Financial Advisors LLC now owns 333,769 shares of the company’s stock worth $18,170,000 after acquiring an additional 325,727 shares during the period. nVerses Capital LLC grew its position in shares of Red Rock Resorts by 28.6% in the third quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock valued at $196,000 after purchasing an additional 800 shares during the last quarter. Creative Planning grew its position in shares of Red Rock Resorts by 19.7% in the third quarter. Creative Planning now owns 19,029 shares of the company’s stock valued at $1,036,000 after purchasing an additional 3,127 shares during the last quarter. Finally, Ritholtz Wealth Management bought a new position in shares of Red Rock Resorts during the third quarter worth approximately $215,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.