Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Raised to $11.50

Key Points

• Citigroup raised the price target for Melco Resorts & Entertainment from $11.00 to $11.50, indicating a potential upside of 30.53% from its current stock price.
• Other analysts have provided mixed ratings, with ratings ranging from "buy" to "sell," and an average consensus target price of $8.15.
• Melco Resorts & Entertainment reported a positive earnings result, with an EPS of $0.12 for the last quarter, exceeding analysts' expectations.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) had its price objective upped by investment analysts at Citigroup from $11.00 to $11.50 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 30.53% from the company's current price.

Several other research analysts also recently issued reports on the company. Susquehanna reaffirmed a "positive" rating and set a $10.00 price target (up previously from $8.00) on shares of Melco Resorts & Entertainment in a research note on Wednesday. Bank of America lifted their price objective on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research report on Tuesday, May 20th. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. Wall Street Zen upgraded Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research report on Monday, July 7th. Finally, UBS Group lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price on the stock. in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO traded up $0.16 during trading on Friday, reaching $8.81. 3,375,246 shares of the company were exchanged, compared to its average volume of 4,022,064. The business's fifty day simple moving average is $7.49 and its 200-day simple moving average is $6.20. Melco Resorts & Entertainment has a 12-month low of $4.55 and a 12-month high of $9.16. The firm has a market capitalization of $3.70 billion, a PE ratio of 62.93 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.21 billion. Melco Resorts & Entertainment had a negative return on equity of 12.58% and a net margin of 1.28%. Melco Resorts & Entertainment's revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.04 earnings per share. On average, sell-side analysts anticipate that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently modified their holdings of MLCO. Y Intercept Hong Kong Ltd acquired a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth approximately $1,000,000. Solstein Capital LLC lifted its position in shares of Melco Resorts & Entertainment by 74.9% during the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company's stock worth $68,000 after purchasing an additional 4,000 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of Melco Resorts & Entertainment in the second quarter valued at $355,000. State of New Jersey Common Pension Fund D acquired a new position in Melco Resorts & Entertainment during the second quarter worth $88,000. Finally, Bleakley Financial Group LLC increased its holdings in shares of Melco Resorts & Entertainment by 53.8% in the second quarter. Bleakley Financial Group LLC now owns 193,422 shares of the company's stock valued at $1,398,000 after purchasing an additional 67,686 shares in the last quarter. Hedge funds and other institutional investors 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.

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