ExodusPoint Capital Management LP Buys New Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Posted by on Jun 8th, 2023

ExodusPoint Capital Management LP bought a new stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR – Get Rating) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 64,115 shares of the company’s stock, valued at approximately $2,565,000. ExodusPoint Capital Management LP owned 0.06% of Red Rock Resorts as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Global Wealth Strategies & Associates bought a new position in shares of Red Rock Resorts during the 4th quarter worth approximately $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in shares of Red Rock Resorts during the first quarter worth $30,000. Quantbot Technologies LP bought a new position in Red Rock Resorts during the second quarter worth about $92,000. Counterpoint Mutual Funds LLC bought a new position in Red Rock Resorts during the fourth quarter worth about $99,000. Finally, Advisor Group Holdings Inc. lifted its holdings in Red Rock Resorts by 100.8% during the fourth quarter. Advisor Group Holdings Inc. now owns 3,135 shares of the company’s stock worth $125,000 after acquiring an additional 1,574 shares in the last quarter. Institutional investors own 52.45% of the company’s stock.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $48.54 on Thursday. The business’s 50 day moving average price is $46.01 and its two-hundred day moving average price is $44.48. The company has a market cap of $5.06 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 7.04 and a beta of 2.16. The company has a quick ratio of 0.61, a current ratio of 0.65 and a debt-to-equity ratio of 32.33. Red Rock Resorts, Inc. has a twelve month low of $30.98 and a twelve month high of $49.81.

Red Rock Resorts (NASDAQ:RRR – Get Rating) last posted its earnings results on Thursday, May 4th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.47 by $0.28. Red Rock Resorts had a return on equity of 808.22% and a net margin of 11.90%. The company had revenue of $433.64 million for the quarter, compared to the consensus estimate of $413.05 million. During the same quarter in the prior year, the business earned $0.77 earnings per share. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. On average, analysts predict that Red Rock Resorts, Inc. will post 1.82 EPS for the current year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Wednesday, June 14th. Red Rock Resorts’s payout ratio is 30.03%.

Analysts Set New Price Targets

RRR has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft boosted their price target on Red Rock Resorts from $53.00 to $55.00 in a report on Friday, May 5th. Wells Fargo & Company boosted their price target on Red Rock Resorts from $54.00 to $56.00 in a report on Friday, May 5th. StockNews.com upgraded Red Rock Resorts from a “hold” rating to a “buy” rating in a report on Saturday, June 3rd. JPMorgan Chase & Co. boosted their price target on Red Rock Resorts from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Wednesday, February 8th. Finally, JMP Securities lifted their target price on Red Rock Resorts from $51.00 to $54.00 in a research report on Friday, May 5th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $49.09.

Red Rock Resorts Company Profile

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Red Rock Resorts, Inc is a holding company, which engages in the management and development of gaming and entertainment facilities. The firm operates through the following segments: Las Vegas Operations and Native American Management. Its amenities include restaurants, entertainment venues, movie theatres, bowling and convention or banquet spaces, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering.

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Institutional Ownership by Quarter for Red Rock Resorts (NASDAQ:RRR)

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