Monarch Casino & Resort, Inc. (MCRI) Is Up, So Why Am I Smiling?

The biggest gainers of the session on the Wall Street include Monarch Casino & Resort, Inc. (NASDAQ:MCRI), which rose 3.25 points or 14.52% to trade at $25.64 as last check. The stock closed last session at $22.39 and sets an active trading volume day with a reported 98973 contracts so far this session. MCRI shares had a relatively better volume day versus average trading capacity of 192.89 thousand shares, but with a 12.16 million float and a 25.22% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MCRI stock indicates that the average analyst price target is $46.5 per share. This means the stock has a potential increase of 81.36% from where the MCRI share price has been trading recently.

During the recent trading session for Monarch Casino & Resort, Inc. (NASDAQ:MCRI), the company witnessed their stock rise $11.03 over a week and tumble down $-24.28 from the price 20 days ago. When compared to their established 52-week high of $57.57, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 02/20/20. The recent low of $12.83 stood for a -55.46% since 03/18/20, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.92 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Monarch Casino & Resort, Inc., the two-week RSI stands at 40.04. This figure suggests that MCRI stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MCRI readings is similarly very revealing as it has a stochastic reading of 32.83% at this stage. This figure means that MCRI share price today is being neutral.

Technical chart claims that Monarch Casino & Resort, Inc. (MCRI) would settle between $23.7/share to $25.01/share level. However, if the stock price goes below the $20.74 mark, then the market for Monarch Casino & Resort, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $19.09 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 3.23. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Jefferies raised their recommendation on shares of MCRI from Hold to Buy in their opinion released on January 06. Jefferies analysts bumped their rating on Monarch Casino & Resort, Inc. (NASDAQ:MCRI) stock from Underperform to Hold in a separate flash note issued to investors on July 25. Analysts at Stifel are sticking to their Hold stance. However, on July 25, they lifted price target for these shares to $49 from $45.

MCRI equity has an average rating of 2.25, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated Monarch Casino & Resort, Inc. (NASDAQ:MCRI) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, MCRI stock price is currently trading at 7.37X forward 12-month Consensus EPS estimates, and its P/E ratio is 13.2 while for the average stock in the same group, the multiple is 14.7. Monarch Casino & Resort, Inc. current P/B ratio of 1.2 means it is trading at a discount against its industry’s 2.3.

Monarch Casino & Resort, Inc. (MCRI)’s current-quarter revenues are projected to climb by nearly 1.7% to hit $58.29 million, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 15.7% from $249170 to a noteworthy $288370. At the other end of the current quarter income statement, Monarch Casino & Resort, Inc. is expected to see its adjusted earnings surge by roughly -13.2% to hit $0.33 per share. For the fiscal year, MCRI’s earnings are projected to climb by roughly 24.1% to hit $2.11 per share.