The stock of Red Rock Resorts, Inc. (NASDAQ:RRR) is now priced at $18.41 and the shares are 1.33 points up or 7.82% higher compared to its previous closing price of $17.08. The stock had 1.609 million contracts set over the past session. RRR shares’ daily volume is compared to its average trading volume at 2.533 million shares. However, it has a float of 64.6 million and although its performance was 8.9% over the week, it’s one to watch. Analysts have given the RRR stock a yearly average price target of $15.38 per share. It means the stock’s downside potential is -16.46% with the RRR share price recently placing at $16.82 to $18.47. However, some brokerage firms have priced the stock below the average, including one that has called $15.
The shorts are climbing into the Red Rock Resorts, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the RRR shares have risen. Short interest in the stock represents just 8.62% of its float, but the volume has raised by 116803. The volume of shorted shares rised to 5.566 million from 5.449 million shares over the last two weeks. The average intraday trading volume has been 2.506 million shares, which means that days to cover moved to roughly 2.220663.
In the last trading session, Red Rock Resorts, Inc. (NASDAQ:RRR) raised by $1.5 over the week and gained $6.17 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $27.91. The stock recorded its established 52-week high on 02/06/20.
Since 03/18/20, the stock has traded to a low of $2.76 at 567%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Red Rock Resorts, Inc.’s two-week RSI is 73.18. This suggests that the stock is oversold at the moment and that RRR shares’ price movement remains not stable. The stochastic readings are equally revealing at 85.24% meaning the RRR share price is currently in oversold territory.
The technical chart shows that the RRR stock will likely settle at between $18.98 and $19.55 per share. However, if the stock dips below $17.33, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $16.25.
Currently, the stock is trading in the green of MACD, with a reading of 0.47. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at SunTrust raised their recommendation for RRR from Hold to Buy in February 04 review while maintain their target price of $30. BofA/Merrill analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on January 06. Wolfe Research analysts see the stock as Peer Perform when the analysts initiated the share price coverage on June 14.
The average rating for the RRR equity is 2.44 and is currently gathering a bullish momentum. Of 9 analysts tracking Red Rock Resorts, Inc. polled by Reuters, 4 rated RRR as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the RRR stock price is 128.74X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Red Rock Resorts, Inc. (NASDAQ:RRR) will decrease by about -99.77%, which will see them reach $250 million. The company’s full-year revenues are, however, expected to diminish by about -45.16%, down from $1860 million to $1020 million. RRR’s expected adjusted earnings should drop almost -63.64% to end up at -$0.08 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 4900% to record -$2.5/share.