Melco Resorts & Entertainment (NASDAQ:MLCO) Hits New 12-Month High - Should You Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $8.91 and last traded at $8.83, with a volume of 2829007 shares. The stock had previously closed at $8.70.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Citigroup boosted their price target on shares of Melco Resorts & Entertainment from $8.60 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. UBS Group lowered 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. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $7.20 to $9.50 in a research report on Tuesday, July 1st. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Finally, Bank of America boosted their target price on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $7.90.

Melco Resorts & Entertainment Stock Performance

The stock has a fifty day moving average price of $6.71 and a 200-day moving average price of $5.90. The firm has a market capitalization of $3.73 billion, a PE ratio of 35.32 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted 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 firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.21 billion. Melco Resorts & Entertainment had a net margin of 1.28% and a negative return on equity of 12.58%. The company's revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.04 earnings per share. Research analysts expect 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 institutional investors and hedge funds have recently modified their holdings of the stock. DAVENPORT & Co LLC increased its stake in shares of Melco Resorts & Entertainment by 5.9% during the first quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock worth $453,000 after purchasing an additional 4,815 shares in the last quarter. Northern Trust Corp lifted its stake in Melco Resorts & Entertainment by 274.4% during the 4th quarter. Northern Trust Corp now owns 362,738 shares of the company's stock worth $2,100,000 after acquiring an additional 265,848 shares in the last quarter. Bank of America Corp DE increased its position in shares of Melco Resorts & Entertainment by 133.7% during the fourth quarter. Bank of America Corp DE now owns 642,726 shares of the company's stock worth $3,721,000 after acquiring an additional 367,652 shares during the period. Raymond James Financial Inc. acquired a new stake in Melco Resorts & Entertainment in the fourth quarter valued at approximately $649,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Melco Resorts & Entertainment by 47.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company's stock valued at $2,045,000 after purchasing an additional 113,328 shares during the last quarter. 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.