Citigroup Issues Positive Forecast for Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) had its price objective increased by stock analysts at Citigroup from $8.60 to $11.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 26.44% from the stock's previous close.

MLCO has been the subject of several other research reports. Bank of America upped 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 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 increased their price objective for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. Finally, Wall Street Zen upgraded Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research report on Monday, July 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and a consensus target price of $7.90.

Melco Resorts & Entertainment Trading Down 1.2%

Shares of Melco Resorts & Entertainment stock traded down $0.11 during trading hours on Wednesday, hitting $8.70. 2,927,378 shares of the company were exchanged, compared to its average volume of 3,894,609. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $8.91. The business has a 50-day moving average of $6.71 and a 200-day moving average of $5.90. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 62.14, a P/E/G ratio of 0.68 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.12 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $1.21 billion. During the same quarter in the prior year, the business earned $0.04 earnings per share. The company's quarterly revenue was up 10.8% compared to the same quarter last year. As a group, research analysts anticipate that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently bought and sold shares of MLCO. Caitong International Asset Management Co. Ltd acquired a new stake in Melco Resorts & Entertainment in the first quarter valued at $34,000. Brown Advisory Inc. acquired a new stake in Melco Resorts & Entertainment in the first quarter valued at $53,000. Aigen Investment Management LP acquired a new stake in Melco Resorts & Entertainment in the first quarter valued at $59,000. GAMMA Investing LLC grew its holdings in Melco Resorts & Entertainment by 88.1% in the first quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock valued at $75,000 after purchasing an additional 6,638 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Melco Resorts & Entertainment by 294.1% in the first quarter. US Bancorp DE now owns 20,874 shares of the company's stock valued at $110,000 after purchasing an additional 15,578 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.