Red Rock Resorts (NASDAQ:RRR) Price Target Cut to $63.00 by Analysts at Wells Fargo & Company

Red Rock Resorts (NASDAQ:RRR) had its price objective dropped by equities researchers at Wells Fargo & Company from $66.00 to $63.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 24.58% from the company’s current price.

Other analysts have also issued research reports about the stock. Susquehanna raised their price target on shares of Red Rock Resorts from $52.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday, February 8th. Barclays upped their price target on shares of Red Rock Resorts from $62.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Mizuho lowered their price target on Red Rock Resorts from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday. Stifel Nicolaus lowered their target price on shares of Red Rock Resorts from $61.00 to $59.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, JMP Securities boosted their price target on shares of Red Rock Resorts from $61.00 to $66.00 and gave the stock a “market outperform” rating in a research report on Friday, April 19th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.92.

Red Rock Resorts Stock Down 7.0 %

Shares of Red Rock Resorts stock traded down $3.79 on Wednesday, reaching $50.57. The stock had a trading volume of 520,263 shares, compared to its average volume of 426,137. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54. The stock has a market capitalization of $5.32 billion, a P/E ratio of 17.01, a P/E/G ratio of 2.81 and a beta of 2.08. The company has a 50 day moving average price of $57.82 and a 200 day moving average price of $52.51. 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 issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.18. The company had revenue of $488.90 million for the quarter, compared to the consensus estimate of $490.49 million. Red Rock Resorts had a net margin of 10.21% and a return on equity of 114.32%. Red Rock Resorts’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.75 EPS. As a group, equities research analysts forecast that Red Rock Resorts will post 1.92 EPS for the current year.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of Red Rock Resorts stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $57.74, for a total value of $434,204.80. Following the completion of the transaction, the chief financial officer now directly owns 243,808 shares of the company’s stock, valued at approximately $14,077,473.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 53.28% of the company’s stock.

Hedge Funds Weigh In On Red Rock Resorts

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC acquired a new stake in shares of Red Rock Resorts in the 1st quarter valued at about $78,000. Virtu Financial LLC acquired a new position in shares of Red Rock Resorts in the 4th quarter valued at $212,000. Core Wealth Partners LLC purchased a new stake in Red Rock Resorts in the 4th quarter valued at $213,000. SG Americas Securities LLC acquired a new stake in Red Rock Resorts during the 1st quarter worth $236,000. Finally, Malaga Cove Capital LLC acquired a new position in Red Rock Resorts in the third quarter valued at $242,000. 47.84% of the stock is owned by institutional investors and hedge funds.

About Red Rock Resorts

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.