Red Rock Resorts, Inc. (NASDAQ:RRR) Short Interest Up 20.2% in October

Red Rock Resorts, Inc. (NASDAQ:RRR) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 2,320,000 shares, an increase of 20.2% from the September 30th total of 1,930,000 shares. Currently, 4.6% of the shares of the stock are sold short. Based on an average trading volume of 471,900 shares, the short-interest ratio is currently 4.9 days.

Analyst Ratings Changes

RRR has been the subject of several recent research reports. JPMorgan Chase & Co. upped their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JMP Securities reiterated a “market outperform” rating and issued a $65.00 price objective on shares of Red Rock Resorts in a report on Monday, October 14th. Morgan Stanley raised their target price on Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Truist Financial lowered their price target on Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Finally, Susquehanna lifted their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $62.58.

Insiders Place Their Bets

In other news, VP Lorenzo J. Fertitta acquired 33,000 shares of Red Rock Resorts stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $49.77 per share, with a total value of $1,642,410.00. Following the acquisition, the vice president now owns 47,546,301 shares in the company, valued at $2,366,379,400.77. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Red Rock Resorts news, CEO Frank J. Fertitta III purchased 67,000 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $49.77 per share, for a total transaction of $3,334,590.00. Following the transaction, the chief executive officer now directly owns 46,048,301 shares in the company, valued at $2,291,823,940.77. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Lorenzo J. Fertitta purchased 33,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the completion of the purchase, the vice president now owns 47,546,301 shares of the company’s stock, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 200,000 shares of company stock valued at $10,426,000. Insiders own 53.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Bamco Inc. NY lifted its position in Red Rock Resorts by 0.5% during the 1st quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock worth $622,672,000 after buying an additional 50,246 shares in the last quarter. Vanguard Group Inc. raised its holdings in Red Rock Resorts by 4.3% during the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock worth $307,292,000 after acquiring an additional 209,593 shares in the last quarter. Eminence Capital LP boosted its position in Red Rock Resorts by 23.7% during the second quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock valued at $107,265,000 after purchasing an additional 374,128 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Red Rock Resorts by 26.7% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after purchasing an additional 251,855 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Red Rock Resorts by 6.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock worth $22,200,000 after purchasing an additional 24,992 shares during the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

Red Rock Resorts Stock Down 1.8 %

RRR stock traded down $0.96 during mid-day trading on Wednesday, hitting $53.71. 291,375 shares of the company were exchanged, compared to its average volume of 462,274. The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. Red Rock Resorts has a 1-year low of $37.82 and a 1-year high of $63.28. The firm’s 50 day simple moving average is $54.23 and its 200 day simple moving average is $54.20. The firm has a market cap of $5.67 billion, a P/E ratio of 18.97, a P/E/G ratio of 5.54 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. The business had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The firm’s quarterly revenue was up 16.9% on a year-over-year basis. During the same period last year, the business posted $0.65 earnings per share. On average, sell-side analysts predict that Red Rock Resorts will post 1.63 EPS for the current fiscal year.

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.