Melco Resorts & Entertainment (NASDAQ:MLCO) Hits New 1-Year High After Analyst Upgrade

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s share price reached a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $8.60 to $11.00. Citigroup currently has a buy rating on the stock. Melco Resorts & Entertainment traded as high as $8.91 and last traded at $8.85, with a volume of 1032105 shares traded. The stock had previously closed at $8.80.

Other equities analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday. UBS Group downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective on the stock. in a research note on Wednesday, April 30th. Bank of America increased their price objective 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. Finally, JPMorgan Chase & Co. upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $7.20 to $9.50 in a research note on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of "Moderate Buy" and an average price target of $7.90.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors have recently bought and sold shares of MLCO. Charles Schwab Investment Management Inc. boosted 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 acquiring an additional 113,328 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth $649,000. Virtu Financial LLC purchased a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth $167,000. Sei Investments Co. raised its holdings in shares of Melco Resorts & Entertainment by 20.4% in the fourth quarter. Sei Investments Co. now owns 725,100 shares of the company's stock worth $4,198,000 after buying an additional 123,042 shares during the last quarter. Finally, Samalin Investment Counsel LLC raised its holdings in shares of Melco Resorts & Entertainment by 11.6% in the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company's stock worth $557,000 after buying an additional 10,000 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

The stock's fifty day simple moving average is $6.57 and its 200-day simple moving average is $5.86. The firm has a market cap of $3.70 billion, a PE ratio of 63.11, a PEG ratio of 0.68 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.01) by $0.13. The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.21 billion. Melco Resorts & Entertainment had a net margin of 1.28% and a negative return on equity of 12.58%. The business's quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.04 earnings per share. Analysts expect that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

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.