Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Melco Resorts & Entertainment (NASDAQ:MLCO - Free Report) had its price objective lifted by JPMorgan Chase & Co. from $6.50 to $7.20 in a research report released on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently commented on MLCO. Citigroup upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price for the company in a research report on Thursday, April 10th. Susquehanna reduced their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, February 3rd. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Bank of America raised their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a report on Tuesday, May 20th. Finally, UBS Group lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target on the stock. in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $6.73.

Melco Resorts & Entertainment Trading Down 0.5%

Shares of NASDAQ MLCO traded down $0.03 during midday trading on Monday, reaching $6.25. 2,627,554 shares of the company were exchanged, compared to its average volume of 3,691,037. The stock has a market cap of $2.62 billion, a P/E ratio of -28.41, a PEG ratio of 0.63 and a beta of 0.71. The stock has a fifty day simple moving average of $5.48 and a 200 day simple moving average of $5.73. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $8.90.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.21 billion. Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The company's quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 earnings per share. As a group, analysts forecast that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MLCO. Northern Trust Corp lifted its holdings in Melco Resorts & Entertainment by 274.4% during the fourth quarter. Northern Trust Corp now owns 362,738 shares of the company's stock valued at $2,100,000 after purchasing an additional 265,848 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $649,000. Charles Schwab Investment Management Inc. increased its holdings in Melco Resorts & Entertainment by 47.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company's stock worth $2,045,000 after buying an additional 113,328 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Melco Resorts & Entertainment by 92.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock valued at $13,886,000 after purchasing an additional 1,150,500 shares during the period. Finally, ARGA Investment Management LP lifted its holdings in Melco Resorts & Entertainment by 1.6% in the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after purchasing an additional 456,117 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company's stock.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.