Red Rock Resorts (NASDAQ:RRR) Sees Unusually-High Trading Volume – Time to Buy?

Red Rock Resorts, Inc. (NASDAQ:RRR) saw an uptick in trading volume on Thursday . 1,381,775 shares changed hands during trading, an increase of 186% from the previous session’s volume of 483,586 shares.The stock last traded at $50.10 and had previously closed at $51.28.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RRR. JPMorgan Chase & Co. raised their price target on Red Rock Resorts from $62.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Barclays lowered their target price on Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Macquarie lowered their target price on Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Mizuho reiterated an “outperform” rating and issued a $57.00 target price (down from $67.00) on shares of Red Rock Resorts in a research note on Tuesday. Finally, Truist Financial lowered their target price on Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Red Rock Resorts has a consensus rating of “Moderate Buy” and an average target price of $61.50.

Red Rock Resorts Stock Performance

The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 6.38 and a beta of 2.04. The stock has a fifty day moving average price of $53.15 and a two-hundred day moving average price of $53.75. The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 14.28.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Monday, December 16th. Red Rock Resorts’s dividend payout ratio is currently 37.04%.

Institutional Investors Weigh In On Red Rock Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in Red Rock Resorts by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,171,267 shares of the company’s stock valued at $63,776,000 after acquiring an additional 14,029 shares during the period. Barclays PLC lifted its stake in shares of Red Rock Resorts by 227.9% in the third quarter. Barclays PLC now owns 78,932 shares of the company’s stock worth $4,297,000 after acquiring an additional 54,863 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Red Rock Resorts in the 3rd quarter valued at approximately $233,000. Wellington Management Group LLP raised its position in shares of Red Rock Resorts by 239.0% during the 3rd quarter. Wellington Management Group LLP now owns 185,018 shares of the company’s stock valued at $10,072,000 after acquiring an additional 130,434 shares in the last quarter. Finally, Quarry LP raised its position in shares of Red Rock Resorts by 479.4% during the 3rd quarter. Quarry LP now owns 1,124 shares of the company’s stock valued at $61,000 after acquiring an additional 930 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.