Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $9.05 and last traded at $8.98, with a volume of 333037 shares changing hands. The stock had previously closed at $8.97.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on MLCO shares. Citigroup upped their target price on shares of Melco Resorts & Entertainment from $8.60 to $11.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. UBS Group cut 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 report on Wednesday, April 30th. JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their target price for the company from $7.20 to $9.50 in a report on Tuesday, July 1st. Finally, Bank of America increased 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $7.90.
Get Our Latest Analysis on Melco Resorts & Entertainment
Melco Resorts & Entertainment Stock Performance
The stock has a market capitalization of $3.70 billion, a P/E ratio of 62.93 and a beta of 0.82. The company's fifty day simple moving average is $7.24 and its two-hundred day simple moving average is $6.09.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced 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. Melco Resorts & Entertainment had a net margin of 1.28% and a negative return on equity of 12.58%. The company had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same period last year, the firm earned $0.04 earnings per share. The business's revenue for the quarter was up 10.8% on a year-over-year basis. On average, research analysts predict that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in MLCO. DAVENPORT & Co LLC boosted its position in shares of Melco Resorts & Entertainment by 1.5% during the 2nd quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company's stock worth $631,000 after acquiring an additional 1,300 shares in the last quarter. Retireful LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter worth approximately $92,000. Goldman Sachs Group Inc. boosted its position in shares of Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company's stock worth $31,700,000 after acquiring an additional 846,504 shares in the last quarter. Millennium Management LLC boosted its position in Melco Resorts & Entertainment by 69.3% in the first quarter. Millennium Management LLC now owns 1,915,978 shares of the company's stock valued at $10,097,000 after buying an additional 784,403 shares in the last quarter. Finally, Bridger Management LLC boosted its position in Melco Resorts & Entertainment by 172.1% in the first quarter. Bridger Management LLC now owns 964,644 shares of the company's stock valued at $5,084,000 after buying an additional 610,100 shares in the last quarter. 39.62% of the stock is owned by institutional investors.
About Melco Resorts & Entertainment
(
Get Free Report)
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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