With the current price of $13.45, the stock of Red Rock Resorts, Inc. (NASDAQ:RRR) concluded the trading session seeing its price rise by 0.93 points or at a gain of 7.43% compared to its previous day’s closing price of $12.52. About 2.621 million shares of the stock changed hands on the day. The trading volume of RRR’s shares during the past session compares with the stock’s average daily trading volume of 2.811 million shares. On the other hand, a float of 65.28 million shares and a weekly performance of 14.76% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $14.14 for RRR’s share which suggests that the stock, price of which is currently buoying between $12.31 and $13.5965, has a potential to gain 5.13%.
The latest data released on July 15, 2020 shows that the short float in the Red Rock Resorts, Inc.’s stock is trending upward as short interest in RRR shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the RRR is currently comprised of 8.17% of the float as the volume of shorted shares inclined by 733671 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 5.336 million shares from the previous figure of 4.603 million shares. Stock’s average intraday volume is now standing at 2.192 million shares which indicate that the days to cover the shorts are nearly 2.434815.
After concluding the day’s trading, price of Red Rock Resorts, Inc. (NASDAQ:RRR) is up $1.73 over the week and it is $3.47 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $27.91 that was attained on 02/06/20.
The stock has traded as low as $2.76 in past 52-week, and its current price is 387.3% above from that 52-week low price mark recorded on 03/18/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.6. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 61.65 as 14-days RSI of Red Rock Resorts, Inc. This means that the RRR is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 90.53%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $13.93 for the RRR’s share while placing it at a 2nd resistance point of $14.41 to be settled at. But if the stock takes a plunge lower than the 1st support price of $12.64 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $11.83.
MACD oscillator is showing a reading of 0.95 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
SunTrust lifted its recommendation for RRR stock from Hold to Buy in a review note dated February 04, and moved the price target up at $30. The stock gets its recommendation downgraded from Buy to Neutral from the analysts at BofA/Merrill in their January 06 note to investors.Wolfe Research analysts started covering the stock with recommendation of Peer Perform rating on June 14.
The average rating of 2.4 for RRR is placing the stock in bullish category at the moment. In a poll by Reuters including 9 analysts in it who kept tracking the Red Rock Resorts, Inc., 4 rated the stock as hold. Others were in different opinions for the RRR. Out of remaining 5 analysts, 5 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that RRR stock is lagging behind earnings per share estimates with a forward price-to-earnings ratio of 0. Stock’s current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 81.7. A comparison of Red Rock Resorts, Inc.’s trailing 12-months P/E ratio of 4.2 implies that it is trading above the industry’s average P/E ratio, which currently is 3.2.
Projection by Zacks Consensus Estimates suggests that Red Rock Resorts, Inc. (NASDAQ:RRR) will see its current-quarter revenues drop by nearly -99.94% to be decreased to about $240.67 million. Full-year revenue of the company is however forecasted to be fell to nearly -46.24% to bring $1000 million in revenues against last year revenue of $1860 million. Earnings, after adjustments, are likely to surge by 104.55% to post an EPS of -$0.45, while estimate for company’s full year earnings is -$3.85 per share with a growth rate of 7600%.