Monarch Casino & Resort (NASDAQ:MCRI) Sets New 1-Year High – Should You Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $132.91 and last traded at $127.82, with a volume of 182791 shares trading hands. The stock had previously closed at $128.54.

Analyst Upgrades and Downgrades

MCRI has been the subject of several analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Wells Fargo & Company lifted their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Truist Financial increased their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $109.50.

Monarch Casino & Resort Stock Performance

The business’s 50 day moving average price is $114.74 and its two-hundred day moving average price is $102.44. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 21.66 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The business had revenue of $136.55 million for the quarter, compared to analyst estimates of $128.49 million. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is presently 20.34%.

Insider Activity

In other news, CEO John Farahi sold 5,000 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 26.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. raised its position in Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after acquiring an additional 315 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Monarch Casino & Resort during the 4th quarter valued at about $40,000. GAMMA Investing LLC boosted its position in shares of Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after purchasing an additional 106 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Monarch Casino & Resort by 191.3% in the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after purchasing an additional 746 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Monarch Casino & Resort by 69.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after purchasing an additional 524 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.