Eldorado Resorts (ERI) Upgraded to Buy at Zacks Investment Research

Eldorado Resorts (NASDAQ:ERI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $39.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.91% from the stock’s current price.

According to Zacks, “Eldorado Resorts, Inc. is a casino entertainment company. It provides casino and entertainment services primarily in Nevada and Louisiana, United States. The Company’s facilities and services include casino games; hotels; entertainment and events; signature and casual restaurants; various venues; and guest services. Its casino also provides facilities for meetings and special events; catering and banquet services; and golf, ski, Reno bowling, baseball, basecamp climbing, truckee river, Reno fernley raceway, and museum services. Eldorado Resorts, Inc. is based in Reno, Nevada. “

Several other equities research analysts also recently weighed in on the stock. Jefferies Financial Group set a $57.00 target price on shares of Eldorado Resorts and gave the stock a “buy” rating in a research report on Friday, October 5th. JPMorgan Chase & Co. set a $60.00 target price on shares of Eldorado Resorts and gave the stock a “buy” rating in a research report on Tuesday, October 2nd. BidaskClub downgraded shares of Eldorado Resorts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Deutsche Bank set a $54.00 target price on shares of Eldorado Resorts and gave the stock a “buy” rating in a research report on Saturday. Finally, Roth Capital boosted their target price on shares of Eldorado Resorts from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Eldorado Resorts has a consensus rating of “Buy” and an average target price of $51.38.

Eldorado Resorts stock traded up $1.14 during midday trading on Wednesday, hitting $36.14. 1,748,100 shares of the stock were exchanged, compared to its average volume of 1,006,508. Eldorado Resorts has a 1 year low of $28.25 and a 1 year high of $50.64. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of 3,614.00, a price-to-earnings-growth ratio of 1.03 and a beta of 1.47. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.63 and a quick ratio of 2.25.

Eldorado Resorts (NASDAQ:ERI) last released its quarterly earnings results on Thursday, November 8th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.10). The firm had revenue of $487.25 million for the quarter, compared to analysts’ expectations of $494.60 million. Eldorado Resorts had a return on equity of 12.38% and a net margin of 10.21%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. Analysts forecast that Eldorado Resorts will post 1.61 earnings per share for the current fiscal year.

In other Eldorado Resorts news, CFO Thomas Reeg purchased 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 13th. The stock was acquired at an average cost of $33.70 per share, with a total value of $101,100.00. Following the acquisition, the chief financial officer now owns 125,485 shares of the company’s stock, valued at approximately $4,228,844.50. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James B. Hawkins purchased 1,000 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was acquired at an average cost of $46.50 per share, with a total value of $46,500.00. Following the completion of the acquisition, the director now directly owns 108,832 shares in the company, valued at approximately $5,060,688. The disclosure for this purchase can be found here. Insiders bought a total of 15,000 shares of company stock valued at $532,300 over the last ninety days. Company insiders own 1.50% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Navellier & Associates Inc boosted its stake in Eldorado Resorts by 19.7% during the 2nd quarter. Navellier & Associates Inc now owns 72,820 shares of the company’s stock valued at $2,847,000 after purchasing an additional 11,976 shares during the period. Janus Henderson Group PLC acquired a new position in Eldorado Resorts during the 2nd quarter valued at about $2,409,000. Victory Capital Management Inc. boosted its stake in Eldorado Resorts by 19.3% during the 2nd quarter. Victory Capital Management Inc. now owns 810,530 shares of the company’s stock valued at $31,691,000 after purchasing an additional 131,250 shares during the period. Adams Diversified Equity Fund Inc. acquired a new position in Eldorado Resorts during the 3rd quarter valued at about $792,000. Finally, Centaurus Financial Inc. acquired a new position in Eldorado Resorts during the 2nd quarter valued at about $2,646,000. 91.63% of the stock is owned by hedge funds and other institutional investors.

About Eldorado Resorts

Eldorado Resorts, Inc, a gaming and hospitality company, owns and operates gaming facilities in Ohio, Louisiana, Nevada, Pennsylvania, West Virginia, Colorado, Florida, Iowa, Mississippi, and Missouri. It owns and operates Eldorado Resort Casino Reno, a 814-room hotel, casino and entertainment facility; Silver Legacy Resort Casino, a 1,711-room themed hotel and casino; Circus Circus Reno, a 1,571-room hotel-casino and entertainment complex; Eldorado Resort Casino Shreveport, a 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino; Mountaineer Casino, Racetrack & Resort, a 357-room hotel, casino, entertainment, and live thoroughbred horse racing facility; Presque Isle Downs & Casino, a casino and live thoroughbred horse racing facility; and Eldorado Gaming Scioto Downs, a modern racino.

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