Red Rock Resorts, Inc. (NASDAQ:RRR) Sees Large Increase in Short Interest

Red Rock Resorts, Inc. (NASDAQ:RRR) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 4,130,000 shares, an increase of 37.7% from the February 28th total of 3,000,000 shares. Based on an average daily trading volume, of 593,000 shares, the days-to-cover ratio is currently 7.0 days. Currently, 8.1% of the company’s shares are short sold.

Hedge Funds Weigh In On Red Rock Resorts

A number of large investors have recently bought and sold shares of the company. Sterling Capital Management LLC raised its holdings in shares of Red Rock Resorts by 654.7% in the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company’s stock valued at $41,000 after purchasing an additional 766 shares during the last quarter. Quarry LP increased its stake in Red Rock Resorts by 479.4% in the 3rd quarter. Quarry LP now owns 1,124 shares of the company’s stock valued at $61,000 after buying an additional 930 shares during the last quarter. KBC Group NV lifted its position in Red Rock Resorts by 37.1% during the 4th quarter. KBC Group NV now owns 1,996 shares of the company’s stock worth $92,000 after buying an additional 540 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Red Rock Resorts by 47.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company’s stock worth $95,000 after buying an additional 664 shares in the last quarter. Finally, Mayfair Advisory Group LLC boosted its stake in shares of Red Rock Resorts by 15.1% during the 4th quarter. Mayfair Advisory Group LLC now owns 4,497 shares of the company’s stock worth $208,000 after buying an additional 591 shares during the last quarter. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Trading Down 2.9 %

Shares of NASDAQ:RRR opened at $43.12 on Monday. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 4.32 and a beta of 2.01. Red Rock Resorts has a 12 month low of $42.33 and a 12 month high of $63.29. The company’s fifty day simple moving average is $47.98 and its 200 day simple moving average is $49.56. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 14.28.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, February 11th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.34. Red Rock Resorts had a return on equity of 71.00% and a net margin of 7.94%. As a group, research analysts forecast that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Monday, March 17th. Red Rock Resorts’s dividend payout ratio is presently 39.84%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RRR. Mizuho lifted their price objective on Red Rock Resorts from $44.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Stifel Nicolaus upped their price target on Red Rock Resorts from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Truist Financial cut their price target on shares of Red Rock Resorts from $56.00 to $49.00 and set a “hold” rating on the stock in a research report on Tuesday, January 14th. Jefferies Financial Group restated a “hold” rating and set a $51.00 price objective (down previously from $64.00) on shares of Red Rock Resorts in a report on Friday, January 3rd. Finally, JMP Securities cut their target price on shares of Red Rock Resorts from $61.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, January 16th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $57.33.

About Red Rock Resorts

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.