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

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s share price hit a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $8.80.

A number of other research firms also recently commented on MLCO. JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. UBS Group lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target on the stock. in a research report on Wednesday, April 30th. Bank of America raised their price objective 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. Finally, Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of "Moderate Buy" and an average target price of $7.90.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 47.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company's stock worth $2,045,000 after purchasing an additional 113,328 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at $649,000. Virtu Financial LLC purchased a new position in Melco Resorts & Entertainment in the fourth quarter valued at about $167,000. Sei Investments Co. lifted its stake in shares of Melco Resorts & Entertainment by 20.4% during the fourth quarter. Sei Investments Co. now owns 725,100 shares of the company's stock worth $4,198,000 after purchasing an additional 123,042 shares in the last quarter. Finally, Samalin Investment Counsel LLC boosted its position 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 period. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Price Performance

The company has a market cap of $3.70 billion, a PE ratio of 62.93, a P/E/G ratio of 0.68 and a beta of 0.82. The company has a 50-day moving average price of $6.64 and a two-hundred day moving average price of $5.88.

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

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.