Wells Fargo & Company Issues Pessimistic Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its price target reduced by investment analysts at Wells Fargo & Company from $78.00 to $65.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 34.80% from the stock’s previous close.

RRR has been the topic of several other research reports. Truist Financial raised their price objective on Red Rock Resorts from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Morgan Stanley dropped their target price on Red Rock Resorts from $61.00 to $59.00 and set an “equal weight” rating for the company in a research note on Monday, October 19th. Wall Street Zen upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Benchmark reissued a “buy” rating on shares of Red Rock Resorts in a research note on Monday, August 31st. Finally, Citigroup decreased their price target on Red Rock Resorts from $78.00 to $69.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.35.

Red Rock Resorts Trading Up 0.5%

Shares of RRR traded up $0.26 on Thursday, hitting $48.22. 957,459 shares of the stock traded hands, compared to its average volume of 727,304. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33. The firm has a market capitalization of $5.06 billion, a P/E ratio of 24.35, a P/E/G ratio of 4.25 and a beta of 1.42. The stock’s 50 day moving average is $51.53 and its two-hundred day moving average is $57.85. Red Rock Resorts has a 1 year low of $46.29 and a 1 year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, November 3rd. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.45 by ($0.62). The firm had revenue of $488.70 million during the quarter, compared to analysts’ expectations of $478.13 million. Red Rock Resorts had a return on equity of 56.19% and a net margin of 8.43%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 earnings per share. As a group, sell-side analysts predict that Red Rock Resorts will post 1.56 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in Red Rock Resorts by 2.9% during the third quarter. Russell Investments Group Ltd. now owns 20,210 shares of the company’s stock worth $1,001,000 after acquiring an additional 569 shares during the last quarter. Maryland State Retirement & Pension System lifted its stake in shares of Red Rock Resorts by 56.4% in the 3rd quarter. Maryland State Retirement & Pension System now owns 10,828 shares of the company’s stock valued at $536,000 after purchasing an additional 3,903 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in shares of Red Rock Resorts by 3.0% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 24,770 shares of the company’s stock valued at $1,227,000 after purchasing an additional 732 shares in the last quarter. Fulcrum Asset Management LLP acquired a new position in shares of Red Rock Resorts in the 3rd quarter valued at about $432,000. Finally, State of Wyoming grew its holdings in shares of Red Rock Resorts by 92.8% during the 3rd quarter. State of Wyoming now owns 2,367 shares of the company’s stock worth $117,000 after purchasing an additional 1,139 shares during the period. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.