Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up - Here's What Happened

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $7.23, but opened at $7.87. Melco Resorts & Entertainment shares last traded at $8.02, with a volume of 3,040,563 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MLCO shares. Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and reduced their price target for the company from $7.50 to $6.70 in a research report on Monday, March 3rd. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $7.20 to $9.50 in a report on Tuesday. Bank of America boosted their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. UBS Group cut 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. Finally, Wall Street Zen downgraded Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a report on Sunday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of "Hold" and an average price target of $7.11.

Melco Resorts & Entertainment Price Performance

The business has a 50-day moving average of $6.08 and a 200 day moving average of $5.74. The company has a market cap of $3.38 billion, a PE ratio of 57.46, a PEG ratio of 0.56 and a beta of 0.79.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative return on equity of 12.58% and a net margin of 1.28%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the company posted $0.04 EPS. The business's quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities analysts predict that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Melco Resorts & Entertainment in the 1st quarter worth $34,000. Brown Advisory Inc. bought a new stake in Melco Resorts & Entertainment during the first quarter valued at about $53,000. Aigen Investment Management LP bought a new stake in Melco Resorts & Entertainment during the first quarter valued at about $59,000. GAMMA Investing LLC increased its position in Melco Resorts & Entertainment by 88.1% in the first quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock worth $75,000 after buying an additional 6,638 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Melco Resorts & Entertainment by 294.1% in the first quarter. US Bancorp DE now owns 20,874 shares of the company's stock worth $110,000 after buying an additional 15,578 shares during the period. 39.62% of the stock is currently owned by institutional investors.

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.

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