Red Rock Resorts, Inc. (NASDAQ:RRR) Short Interest Update

Red Rock Resorts, Inc. (NASDAQ:RRR) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 2,340,000 shares, an increase of 23.8% from the August 31st total of 1,890,000 shares. Based on an average trading volume of 480,600 shares, the days-to-cover ratio is presently 4.9 days. Approximately 4.6% of the company’s shares are sold short.

Red Rock Resorts Price Performance

NASDAQ RRR opened at $54.70 on Monday. The company has a market cap of $5.78 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 5.40 and a beta of 2.04. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89. The stock’s fifty day moving average price is $55.31 and its 200 day moving average price is $55.13. Red Rock Resorts has a 1 year low of $37.82 and a 1 year high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating 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 business had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. During the same period in the prior year, the company earned $0.65 earnings per share. The company’s revenue was up 16.9% on a year-over-year basis. As a group, equities research analysts forecast that Red Rock Resorts will post 1.66 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Monday, September 16th. Red Rock Resorts’s dividend payout ratio is presently 34.72%.

Insider Activity

In other news, VP Lorenzo J. Fertitta purchased 33,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average price of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the acquisition, the vice president now owns 47,480,301 shares of the company’s stock, valued at $2,587,201,601.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Lorenzo J. Fertitta acquired 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average cost of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the acquisition, the vice president now directly owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kord Nichols sold 49,464 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the sale, the chief operating officer now directly owns 71,946 shares of the company’s stock, valued at $4,172,868. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 200,000 shares of company stock valued at $10,426,000. Corporate insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

Several large investors have recently made changes to their positions in RRR. Covestor Ltd lifted its position in Red Rock Resorts by 16,666.7% during the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the period. Headlands Technologies LLC purchased a new position in shares of Red Rock Resorts during the 1st quarter valued at about $78,000. Point72 DIFC Ltd acquired a new position in shares of Red Rock Resorts in the 2nd quarter valued at about $98,000. nVerses Capital LLC purchased a new stake in shares of Red Rock Resorts in the second quarter worth about $154,000. Finally, SG Americas Securities LLC acquired a new stake in Red Rock Resorts during the first quarter worth about $236,000. 47.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RRR shares. Macquarie boosted their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” 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 note on Wednesday, July 24th. JPMorgan Chase & Co. raised their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Truist Financial reduced their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, July 24th. Finally, Barclays raised their price target on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

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.