Red Rock Resorts (NASDAQ:RRR – Get Free Report) had its price objective lifted by equities researchers at Truist Financial from $68.00 to $75.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 14.88% from the stock’s previous close.
Other equities research analysts also recently issued reports about the stock. Morgan Stanley set a $59.00 price target on shares of Red Rock Resorts in a research note on Wednesday, May 6th. The Goldman Sachs Group reissued a “buy” rating and issued a $73.00 price target on shares of Red Rock Resorts in a research note on Wednesday. Wells Fargo & Company upgraded Red Rock Resorts from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $55.00 to $75.00 in a research report on Tuesday, July 14th. Weiss Ratings upgraded Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, July 10th. Finally, Benchmark cut their target price on Red Rock Resorts from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $70.25.
View Our Latest Analysis on Red Rock Resorts
Red Rock Resorts Trading Up 0.8%
Red Rock Resorts (NASDAQ:RRR – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm had revenue of $507.32 million for the quarter, compared to the consensus estimate of $505.63 million. During the same period in the prior year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Red Rock Resorts will post 1.53 EPS for the current year.
Hedge Funds Weigh In On Red Rock Resorts
Several institutional investors and hedge funds have recently made changes to their positions in RRR. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Red Rock Resorts by 2,248.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock valued at $82,715,000 after purchasing an additional 1,296,956 shares in the last quarter. Invesco Ltd. lifted its stake in Red Rock Resorts by 345.6% in the fourth quarter. Invesco Ltd. now owns 1,054,086 shares of the company’s stock valued at $65,301,000 after buying an additional 817,524 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Red Rock Resorts during the fourth quarter worth $45,724,000. State Street Corp raised its holdings in shares of Red Rock Resorts by 62.1% during the fourth quarter. State Street Corp now owns 1,814,812 shares of the company’s stock worth $112,428,000 after acquiring an additional 695,575 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Red Rock Resorts by 656.8% during the fourth quarter. Millennium Management LLC now owns 373,038 shares of the company’s stock worth $23,110,000 after acquiring an additional 323,749 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 (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.
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