Red Rock Resorts (NASDAQ:RRR) Now Covered by Wolfe Research

Stock analysts at Wolfe Research assumed coverage on shares of Red Rock Resorts (NASDAQ:RRR) in a research report issued on Wednesday, MarketBeat.com reports. The firm set an “outperform” rating and a $73.00 price target on the stock. Wolfe Research’s target price indicates a potential upside of 28.43% from the stock’s current price.

Several other equities analysts have also weighed in on RRR. Citizens Jmp lifted their target price on shares of Red Rock Resorts from $69.00 to $71.00 and gave the company a “market outperform” rating in a report on Wednesday, August 5th. Wall Street Zen raised Red Rock Resorts from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Stifel Nicolaus set a $74.00 price objective on Red Rock Resorts in a research note on Wednesday, August 5th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Red Rock Resorts in a research report on Thursday, July 2nd. Finally, Citigroup reiterated a “buy” rating on shares of Red Rock Resorts in a research note on Wednesday, August 5th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.94.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $56.84 on Wednesday. The company has a debt-to-equity ratio of 12.33, a current ratio of 0.68 and a quick ratio of 0.63. Red Rock Resorts has a 1-year low of $50.52 and a 1-year high of $68.99. The firm has a market capitalization of $5.97 billion, a P/E ratio of 20.08, a P/E/G ratio of 4.60 and a beta of 1.31. The business’s 50-day simple moving average is $63.05 and its 200-day simple moving average is $59.48.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.16. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The firm had revenue of $510.26 million for the quarter, compared to analysts’ expectations of $500.08 million. During the same period in the previous year, the company posted $0.95 earnings per share. Red Rock Resorts’s revenue was down 3.0% compared to the same quarter last year. Equities analysts predict that Red Rock Resorts will post 1.54 EPS for the current year.

Insiders Place Their Bets

In other news, President Scott Kreeger sold 31,159 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the completion of the sale, the president directly owned 203,881 shares in the company, valued at $12,595,768.18. This trade represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 54.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Red Rock Resorts

A number of hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System raised its position in shares of Red Rock Resorts by 5,722.9% in the 2nd quarter. California State Teachers Retirement System now owns 3,478,303 shares of the company’s stock valued at $226,298,000 after purchasing an additional 3,418,568 shares in the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Red Rock Resorts during the second quarter worth approximately $120,743,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Red Rock Resorts by 2,248.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after buying an additional 1,296,956 shares during the last quarter. Invesco Ltd. increased its stake in shares of Red Rock Resorts by 345.6% in the fourth quarter. Invesco Ltd. now owns 1,054,086 shares of the company’s stock worth $65,301,000 after buying an additional 817,524 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Red Rock Resorts in the fourth quarter valued at $45,724,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.