Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $9.05 and last traded at $8.98, with a volume of 333037 shares traded. The stock had previously closed at $8.97.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on MLCO. Bank of America upped 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. JPMorgan Chase & Co. upgraded 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 note on Tuesday, July 1st. Citigroup upped their price objective on Melco Resorts & Entertainment from $8.60 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. UBS Group cut 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. 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 given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and a consensus target price of $7.90.
Read Our Latest Research Report on Melco Resorts & Entertainment
Melco Resorts & Entertainment Price Performance
The business has a 50-day simple moving average of $7.03 and a 200 day simple moving average of $6.01. The firm has a market cap of $3.77 billion, a PE ratio of 64.18 and a beta of 0.82.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share (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 during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $0.04 EPS. The firm's quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Melco Resorts & Entertainment
Several large investors have recently added to or reduced their stakes in MLCO. Headlands Technologies LLC raised its holdings in shares of Melco Resorts & Entertainment by 4.2% during the 1st quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock worth $370,000 after acquiring an additional 2,829 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Melco Resorts & Entertainment by 8.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock worth $291,000 after acquiring an additional 3,873 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Melco Resorts & Entertainment by 5.9% during the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock worth $453,000 after acquiring an additional 4,815 shares in the last quarter. Pinpoint Asset Management Ltd raised its holdings in shares of Melco Resorts & Entertainment by 6.4% during the 1st quarter. Pinpoint Asset Management Ltd now owns 95,758 shares of the company's stock worth $505,000 after acquiring an additional 5,797 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Melco Resorts & Entertainment during the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 39.62% of the company's stock.
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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