Short Interest in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Drops By 33.0%

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 198,400 shares, a decline of 33.0% from the September 15th total of 296,200 shares. Based on an average daily volume of 123,900 shares, the short-interest ratio is presently 1.6 days. Currently, 1.6% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MCRI shares. Truist Financial raised their target price on Monarch Casino & Resort from $74.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Macquarie restated a “neutral” rating and set a $76.00 price objective on shares of Monarch Casino & Resort in a research report on Thursday, July 25th.

Institutional Trading of Monarch Casino & Resort

Several large investors have recently added to or reduced their stakes in MCRI. GAMMA Investing LLC grew its stake in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Monarch Casino & Resort in the 2nd quarter worth approximately $53,000. Canada Pension Plan Investment Board acquired a new stake in shares of Monarch Casino & Resort in the second quarter worth $102,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after acquiring an additional 1,221 shares during the period. Finally, Diversified Trust Co bought a new stake in shares of Monarch Casino & Resort in the first quarter valued at about $203,000. 62.37% of the stock is owned by institutional investors and hedge funds.

Monarch Casino & Resort Trading Up 0.3 %

Shares of NASDAQ MCRI traded up $0.26 during mid-day trading on Friday, reaching $75.73. The company had a trading volume of 61,954 shares, compared to its average volume of 124,876. Monarch Casino & Resort has a 1-year low of $56.25 and a 1-year high of $80.22. The stock has a market cap of $1.42 billion, a PE ratio of 17.90 and a beta of 1.73. The company has a 50-day moving average price of $75.38 and a two-hundred day moving average price of $71.37.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Wednesday, July 24th. The company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.11 by $0.08. Monarch Casino & Resort had a net margin of 16.31% and a return on equity of 17.05%. The company had revenue of $128.14 million during the quarter, compared to analysts’ expectations of $126.03 million. On average, research analysts expect that Monarch Casino & Resort will post 4.62 EPS for the current year.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.