JPMorgan Chase & Co. Boosts Red Rock Resorts (NASDAQ:RRR) Price Target to $72.00

Red Rock Resorts (NASDAQ:RRR) had its price target hoisted by JPMorgan Chase & Co. from $66.00 to $72.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 12.50% from the stock’s previous close.

Several other equities research analysts have also weighed in on RRR. Morgan Stanley set a $59.00 target price on Red Rock Resorts in a research report on Wednesday, May 6th. Zacks Research downgraded shares of Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Susquehanna reduced their target price on shares of Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a research note on Thursday, April 30th. Citizens Jmp dropped their price target on shares of Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating on the stock in a research note on Thursday, April 30th. Finally, Weiss Ratings raised Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.75.

Red Rock Resorts Stock Performance

Shares of RRR stock opened at $64.00 on Wednesday. The company has a market cap of $6.72 billion, a P/E ratio of 20.58, a PEG ratio of 4.88 and a beta of 1.35. The business has a 50 day moving average of $59.20 and a two-hundred day moving average of $59.58. Red Rock Resorts has a 52 week low of $50.52 and a 52 week high of $68.99. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The company had revenue of $507.32 million for the quarter, compared to analyst estimates of $505.63 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 earnings per share. As a group, analysts anticipate that Red Rock Resorts will post 1.53 EPS for the current year.

Institutional Investors Weigh In On Red Rock Resorts

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Salomon & Ludwin LLC acquired a new position in shares of Red Rock Resorts in the 4th quarter worth approximately $25,000. Kestra Advisory Services LLC acquired a new stake in Red Rock Resorts during the fourth quarter valued at approximately $27,000. Rockefeller Capital Management L.P. lifted its stake in Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after purchasing an additional 481 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after buying an additional 263 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock worth $91,000 after buying an additional 733 shares in the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.