Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) hit a new 52-week high during trading 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. The stock had previously closed at $8.80.
A number of other analysts have also weighed in on the stock. Bank of America upped their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday. JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $7.20 to $9.50 in a research report on Tuesday, July 1st. Finally, UBS Group lowered 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 report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.90.
View Our Latest Research Report on MLCO
Hedge Funds Weigh In On Melco Resorts & Entertainment
Large investors have recently bought and sold shares of the stock. ARGA Investment Management LP increased its holdings in shares of Melco Resorts & Entertainment by 0.4% during the 1st quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company's stock worth $156,840,000 after purchasing an additional 108,529 shares during the period. Eminence Capital LP grew its position in 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 in the last quarter. Nuveen Asset Management LLC increased its stake in Melco Resorts & Entertainment by 1.4% during the fourth quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock valued at $35,211,000 after acquiring an additional 83,268 shares during the period. Nuveen LLC acquired a new position in shares of Melco Resorts & Entertainment in the first quarter valued at $31,946,000. Finally, Goldman Sachs Group Inc. lifted its position in Melco Resorts & Entertainment by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company's stock worth $31,700,000 after purchasing an additional 846,504 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.
Melco Resorts & Entertainment Price Performance
The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 63.14, a P/E/G ratio of 0.67 and a beta of 0.82. The stock's 50 day simple moving average is $6.49 and its two-hundred day simple moving average is $5.84.
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 the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.04 earnings per share. As a group, analysts predict that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.
Melco Resorts & Entertainment Company Profile
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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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