Red Rock Resorts, Inc. (NASDAQ:RRR) saw a significant growth in short interest in June. As of June 30th, there was short interest totalling 4,366,478 shares, a growth of 83.2% from the June 15th total of 2,382,848 shares. Approximately 6.5% of the company’s stock are short sold. Based on an average trading volume of 1,125,473 shares, the short-interest ratio is currently 3.9 days.
Several analysts have recently weighed in on RRR shares. Stifel Nicolaus restated a “buy” rating and set a $27.00 target price on shares of Red Rock Resorts in a research note on Friday, July 14th. Bank of America Corporation reiterated a “buy” rating and issued a $26.00 price target (up from $24.50) on shares of Red Rock Resorts in a research note on Monday, June 5th. Finally, Zacks Investment Research upgraded Red Rock Resorts from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Red Rock Resorts currently has an average rating of “Buy” and a consensus target price of $26.14.
Institutional investors have recently made changes to their positions in the company. State Street Corp raised its position in shares of Red Rock Resorts by 13.9% in the fourth quarter. State Street Corp now owns 523,367 shares of the company’s stock worth $12,134,000 after buying an additional 63,797 shares during the last quarter. Guggenheim Capital LLC bought a new position in shares of Red Rock Resorts during the fourth quarter worth about $275,000. Norges Bank bought a new position in shares of Red Rock Resorts during the fourth quarter worth about $3,335,000. Teachers Advisors LLC raised its position in shares of Red Rock Resorts by 12.2% in the fourth quarter. Teachers Advisors LLC now owns 1,427,833 shares of the company’s stock worth $33,111,000 after buying an additional 154,887 shares during the last quarter. Finally, Creative Planning raised its position in shares of Red Rock Resorts by 14,324.5% in the first quarter. Creative Planning now owns 28,849 shares of the company’s stock worth $640,000 after buying an additional 28,649 shares during the last quarter. Institutional investors own 58.43% of the company’s stock.
Shares of Red Rock Resorts (NASDAQ:RRR) opened at 24.01 on Friday. The stock’s 50 day moving average price is $23.86 and its 200-day moving average price is $23.16. Red Rock Resorts has a 12-month low of $20.58 and a 12-month high of $24.94. The company’s market cap is $1.58 billion.
Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.07. Red Rock Resorts had a return on equity of 10.00% and a net margin of 3.58%. The firm had revenue of $417.73 million for the quarter, compared to the consensus estimate of $402.88 million. During the same period in the prior year, the company posted $0.64 earnings per share. Red Rock Resorts’s quarterly revenue was up 16.3% compared to the same quarter last year. On average, equities research analysts forecast that Red Rock Resorts will post $1.33 earnings per share for the current year.
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About Red Rock Resorts
Red Rock Resorts, Inc is a gaming, development and management company. The Company’s segments include Las Vegas operations, Native American management, and Corporate and other. The Las Vegas operations segment includes all of its Las Vegas area casino properties and the Native American management segment includes its Native American management arrangements.
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