Monarch Casino & Resort seems to be completing the right side of a cup-with-handle base, and could be setting up to break out. On Tuesday, the IBD SmartSelect Composite Rating for top-ranked Monarch stock jumped to 96 of a best-possible 99, up from 94 the day before.
The upgrade means Monarch stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. Top-performing stocks tend to have a 95 or better grade as they launch a significant move. It's a key trait to check for when looking for the best stocks to watch and buy.
Monarch Casino Stock Shoots For A Fresh High
Earlier, small-cap Monarch Casino & Resort broke out, but it's fallen back to just below the prior 81.86 entry from a cup with handle. Monarch Casino stock closed at 81.15 Tuesday, up 1.2% for the day. Its stock hit an all-time high at 94.26 on April 20, then succumbed to the 2022 bear market. Then it fell all the way to 54.01 in mid-July before it began crawling back up. It rose to 81.76 on Nov. 2 and began forming a handle on the cup. See if it can break out in strong volume, a bullish indicator.
Looking For The Best Stocks To Buy And Watch? Try These Screens
In Q3, Monarch posted 23% earnings growth to $1.41 per share. Revenue climbed 20% to $133.7 million, up from 18% growth in the prior quarter. It's reported double-digit sales growth every quarter the past year, and double-digit EPS growth in three of the past four stanzas.
Monarch stock earns an 87 Earnings Per Share Rating, which means its recent quarterly and annual earnings growth is outpacing 87% of all stocks.
Moderate Buying Of Its Stock By Institutions
Its Accumulation/Distribution Rating of B shows moderate buying of Monarch Casino stock by institutional investors over the last 13 weeks.
Monarch Casino & Resort earns the No. 1 rank among its peers in the Leisure-Gaming/Equipment industry group. Churchill Downs and Canterbury Park Holding are also among the group's highest-rated stocks.
