Red Rock Resorts Inc (RRR) Sees Significant Growth in Short Interest

Red Rock Resorts Inc (NASDAQ:RRR) saw a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 4,711,425 shares, an increase of 63.1% from the July 31st total of 2,888,167 shares. Approximately 6.8% of the company’s stock are short sold. Based on an average daily trading volume, of 1,074,630 shares, the days-to-cover ratio is presently 4.4 days.

A number of equities research analysts have commented on RRR shares. Zacks Investment Research upgraded Red Rock Resorts from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Saturday, July 21st. BidaskClub upgraded Red Rock Resorts from a “hold” rating to a “buy” rating in a research note on Saturday, July 14th. Nomura started coverage on Red Rock Resorts in a research note on Tuesday, May 8th. They issued a “buy” rating and a $39.00 price target for the company. SunTrust Banks reiterated a “buy” rating and issued a $38.00 price target on shares of Red Rock Resorts in a research note on Thursday, August 16th. Finally, Citigroup decreased their price target on Red Rock Resorts from $40.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday, May 2nd. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $35.30.

Large investors have recently made changes to their positions in the company. Pier Capital LLC raised its stake in shares of Red Rock Resorts by 130.3% in the second quarter. Pier Capital LLC now owns 171,437 shares of the company’s stock worth $5,743,000 after purchasing an additional 96,989 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Red Rock Resorts by 4.8% in the second quarter. Victory Capital Management Inc. now owns 845,987 shares of the company’s stock worth $28,340,000 after purchasing an additional 38,690 shares during the last quarter. Northern Trust Corp raised its stake in shares of Red Rock Resorts by 5.3% in the first quarter. Northern Trust Corp now owns 808,710 shares of the company’s stock worth $23,679,000 after purchasing an additional 40,926 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Red Rock Resorts by 47.0% in the first quarter. Royal Bank of Canada now owns 64,223 shares of the company’s stock worth $1,881,000 after purchasing an additional 20,527 shares during the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Red Rock Resorts in the first quarter worth about $7,613,000. Hedge funds and other institutional investors own 61.87% of the company’s stock.

Red Rock Resorts stock opened at $32.45 on Tuesday. Red Rock Resorts has a one year low of $21.96 and a one year high of $36.99. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 53.56 and a beta of 1.65. The company has a debt-to-equity ratio of 3.23, a current ratio of 0.67 and a quick ratio of 0.63.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, July 31st. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.08. Red Rock Resorts had a return on equity of 13.23% and a net margin of 10.74%. The firm had revenue of $416.19 million during the quarter, compared to analysts’ expectations of $408.46 million. equities analysts predict that Red Rock Resorts will post 1.4 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, September 13th. Red Rock Resorts’s payout ratio is 64.52%.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, engages in casino entertainment, and gaming and entertainment businesses in the United States. It operates through two segments, Las Vegas operations and Native American management. The company develops, manages, and operates casino entertainment properties; and owns and operates 10 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.

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