Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $11.50 Price Target at Citigroup

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 equities research analysts at Citigroup from $11.00 to $11.50 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's target price points to a potential upside of 29.43% from the stock's previous close.

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

Melco Resorts & Entertainment Stock Performance

Shares of MLCO stock traded up $0.07 on Friday, hitting $8.89. 990,218 shares of the company's stock traded hands, compared to its average volume of 3,994,238. Melco Resorts & Entertainment has a one year low of $4.55 and a one year high of $9.16. The company's fifty day simple moving average is $7.60 and its 200 day simple moving average is $6.26. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 68.35 and a beta of 0.83.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.09 by $0.14. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 19.20%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter last year, the firm earned $0.05 EPS. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Nuveen LLC purchased a new stake in shares of Melco Resorts & Entertainment during the first quarter worth approximately $31,946,000. Brightlight Capital Management LP purchased a new stake in shares of Melco Resorts & Entertainment during the first quarter worth approximately $15,141,000. Eminence Capital LP increased its stake in shares of Melco Resorts & Entertainment by 22.1% during the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after buying an additional 1,402,619 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Melco Resorts & Entertainment by 206.5% during the fourth quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock worth $11,633,000 after buying an additional 1,353,617 shares during the period. Finally, National Bank of Canada FI increased its stake in shares of Melco Resorts & Entertainment by 18,441,414.3% during the first quarter. National Bank of Canada FI now owns 1,290,906 shares of the company's stock worth $6,803,000 after buying an additional 1,290,899 shares during the period. Institutional investors and hedge funds own 39.62% of the company's stock.

About Melco Resorts & Entertainment

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.