Eldorado Resorts, Inc. (NASDAQ:ERI) announced its earnings results on Tuesday. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by $0.95, Morningstar.com reports. The business had revenue of $355.20 million for the quarter, compared to analysts’ expectations of $354.15 million. Eldorado Resorts had a return on equity of 7.95% and a net margin of 2.49%. The business’s revenue was up 53.6% compared to the same quarter last year.
Eldorado Resorts (ERI) traded up 10.03% during midday trading on Wednesday, reaching $21.95. The company’s stock had a trading volume of 4,852,942 shares. The company’s 50-day moving average price is $20.05 and its 200-day moving average price is $18.82. Eldorado Resorts has a 1-year low of $10.65 and a 1-year high of $22.15.
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A number of research firms recently weighed in on ERI. Imperial Capital lifted their price objective on shares of Eldorado Resorts from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Monday, May 15th. BidaskClub lowered shares of Eldorado Resorts from a “buy” rating to a “hold” rating in a research report on Sunday, July 16th. J P Morgan Chase & Co began coverage on shares of Eldorado Resorts in a research report on Thursday, July 20th. They issued an “overweight” rating and a $24.00 price objective on the stock. TheStreet upgraded shares of Eldorado Resorts from a “d+” rating to a “c” rating in a research report on Wednesday, May 17th. Finally, Zacks Investment Research upgraded shares of Eldorado Resorts from a “strong sell” rating to a “hold” rating in a research report on Monday, May 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $22.33.
In other news, major shareholder Hotel Casino Management, Inc. sold 20,864 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $20.51, for a total value of $427,920.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Reeg acquired 2,500 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was purchased at an average price of $20.03 per share, with a total value of $50,075.00. Following the acquisition, the insider now owns 46,200 shares of the company’s stock, valued at $925,386. The disclosure for this purchase can be found here. Corporate insiders own 1.14% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. purchased a new stake in shares of Eldorado Resorts during the first quarter valued at $140,000. BNP Paribas Arbitrage SA increased its stake in shares of Eldorado Resorts by 8,127.7% in the second quarter. BNP Paribas Arbitrage SA now owns 7,734 shares of the company’s stock valued at $155,000 after buying an additional 7,640 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Eldorado Resorts by 17.6% in the second quarter. Victory Capital Management Inc. now owns 8,062 shares of the company’s stock valued at $161,000 after buying an additional 1,209 shares in the last quarter. Public Employees Retirement Association of Colorado bought a new stake in shares of Eldorado Resorts during the second quarter valued at approximately $174,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Eldorado Resorts during the second quarter valued at approximately $208,000. Institutional investors and hedge funds own 65.18% of the company’s stock.
About Eldorado Resorts
Eldorado Resorts, Inc is a gaming and hospitality company that owns and operates gaming facilities located in Ohio, Louisiana, Nevada, Pennsylvania and West Virginia. The Company’s segments are Nevada, Louisiana, Eastern and Corporate. As of May 1, 2017, the Company owned and operated approximately 503,000 square feet of casino space with approximately 20,000 slot machines and video lottery terminals (VLTs), over 550 table and poker games, 45 restaurants and 6,500 hotel rooms.
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