Truist Financial Lowers Red Rock Resorts (NASDAQ:RRR) Price Target to $70.00

Red Rock Resorts (NASDAQ:RRR) had its price target lowered by analysts at Truist Financial from $80.00 to $70.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 23.20% from the stock’s previous close.

A number of other research analysts also recently weighed in on RRR. Weiss Ratings downgraded Red Rock Resorts from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Benchmark began coverage on Red Rock Resorts in a research note on Monday, March 23rd. They issued a “buy” rating and a $67.00 price target on the stock. UBS Group set a $73.00 price objective on Red Rock Resorts in a research note on Wednesday, December 24th. Barclays raised their price target on Red Rock Resorts from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Finally, Citizens Jmp upped their target price on shares of Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 14th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.64.

Red Rock Resorts Trading Up 0.9%

NASDAQ:RRR opened at $56.82 on Tuesday. The company has a 50-day moving average price of $58.84 and a 200-day moving average price of $59.40. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 18.02, a P/E/G ratio of 2.36 and a beta of 1.48. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 10.26. Red Rock Resorts has a 12 month low of $39.45 and a 12 month high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The company had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million. During the same quarter in the previous year, the company earned $0.76 earnings per share. Red Rock Resorts’s quarterly revenue was up 3.2% on a year-over-year basis. Equities analysts predict that Red Rock Resorts will post 2.14 EPS for the current year.

Institutional Trading of Red Rock Resorts

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC purchased a new position in shares of Red Rock Resorts during the 4th quarter valued at about $25,000. Kestra Advisory Services LLC purchased a new stake in shares of Red Rock Resorts in the fourth quarter worth $27,000. Rockefeller Capital Management L.P. raised its position in shares of Red Rock Resorts by 1,924.0% during the 4th 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 period. Strs Ohio purchased a new position in shares of Red Rock Resorts during the 3rd quarter valued at $37,000. Finally, GAMMA Investing LLC boosted its holdings in Red Rock Resorts by 53.8% in the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after buying an additional 263 shares during the period. Hedge funds and other institutional investors own 47.84% of the company’s stock.

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.