Truist Financial Cuts Red Rock Resorts (NASDAQ:RRR) Price Target to $58.00

Red Rock Resorts (NASDAQ:RRR) had its price objective lowered by investment analysts at Truist Financial from $63.00 to $58.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target points to a potential upside of 13.26% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company cut their target price on shares of Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. Morgan Stanley increased their target price on shares of Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 4th. Stifel Nicolaus increased their target price on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. JMP Securities restated a “market outperform” rating and issued a $65.00 price target on shares of Red Rock Resorts in a research report on Monday, October 14th. Finally, Macquarie upped their price target on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.58.

Red Rock Resorts Price Performance

Shares of RRR traded down $0.31 during mid-day trading on Wednesday, reaching $51.21. 18,547 shares of the company’s stock were exchanged, compared to its average volume of 458,867. The company has a market cap of $5.41 billion, a price-to-earnings ratio of 18.23, a PEG ratio of 5.43 and a beta of 2.04. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15. Red Rock Resorts has a 52-week low of $37.82 and a 52-week high of $63.28. The company has a 50-day simple moving average of $54.53 and a two-hundred day simple moving average of $54.50.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.16. The company had revenue of $486.40 million during the quarter, compared to analysts’ expectations of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 EPS. On average, sell-side analysts predict that Red Rock Resorts will post 1.66 EPS for the current fiscal year.

Insider Transactions at Red Rock Resorts

In related news, VP Lorenzo J. Fertitta acquired 33,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were 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 in the company, valued at approximately $2,587,201,601.49. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Frank J. Fertitta III bought 67,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $49.77 per share, with a total value of $3,334,590.00. Following the completion of the acquisition, the chief executive officer now owns 46,048,301 shares of the company’s stock, valued at $2,291,823,940.77. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Lorenzo J. Fertitta bought 33,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was bought at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following 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 trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 200,000 shares of company stock valued at $10,426,000 over the last 90 days. 53.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Red Rock Resorts

A number of institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd lifted its stake in Red Rock Resorts by 16,666.7% during the 1st quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. Headlands Technologies LLC bought a new stake in Red Rock Resorts in the 1st quarter valued at about $78,000. Point72 DIFC Ltd bought a new stake in shares of Red Rock Resorts during the second quarter valued at about $98,000. nVerses Capital LLC bought a new stake in shares of Red Rock Resorts during the second quarter valued at about $154,000. Finally, Ritholtz Wealth Management bought a new stake in shares of Red Rock Resorts during the third quarter valued at about $215,000. 47.84% of the stock is currently owned by institutional investors.

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.