Sun Sep 15 14:25:07 UTC 2024: ## Meeder Asset Management Takes a Gamble on Monarch Casino & Resort
**Reno, NV – September 15, 2024** – Meeder Asset Management Inc. has entered the casino game, purchasing a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) during the second quarter, according to a recent Form 13F filing. The institutional investor acquired 784 shares of the company’s stock, valued at approximately $53,000.
This move by Meeder comes amidst a flurry of activity from other institutional investors. Texas Permanent School Fund Corp increased its stake in Monarch Casino & Resort by 1.3% in the first quarter, now owning 11,682 shares valued at $876,000. Pitcairn Co., Price T Rowe Associates Inc. MD, and US Bancorp DE also increased their holdings in the company during the same period.
Analysts are cautiously optimistic about Monarch Casino & Resort. Macquarie reaffirmed a “neutral” rating and set a $76.00 price target, while Truist Financial increased their target price to $75.00 and gave the stock a “hold” rating.
Monarch Casino & Resort, Inc. recently reported strong second-quarter earnings, exceeding analyst expectations with $1.19 EPS. The company, which operates the Atlantis Casino Resort Spa in Reno and the Monarch Casino Resort Spa Black Hawk in Colorado, is positioned for continued growth.
However, recent insider trading activity raises some eyebrows. CEO John Farahi sold 2,000 shares of the company’s stock on June 21st, for a total value of $136,000. Following the sale, he still owns 525,310 shares, valued at $35,721,080. This transaction has raised questions among some investors about the company’s future prospects.
With hedge funds and other institutional investors owning 62.37% of the company’s stock, the spotlight is firmly on Monarch Casino & Resort. Whether Meeder Asset Management’s gamble will pay off remains to be seen. Investors will be closely watching to see how the company performs in the coming months.
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