Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded at CLSA

Key Points

• Melco Resorts & Entertainment has been upgraded from a "hold" rating to an "outperform" rating by CLSA, reflecting positive analyst sentiment.
• Citigroup increased its target price for the stock from $11.00 to $11.50, while other analysts also raised their ratings, contributing to an average rating of "Moderate Buy."
• The company reported a 14.5% increase in quarterly revenue year-over-year, beating consensus estimates with earnings per share of $0.23.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by analysts at CLSA from a "hold" rating to an "outperform" rating in a research note issued on Wednesday,Briefing.com Automated Import reports.

Other research analysts have also issued reports about the company. Citigroup upped their target price on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a research report on Friday, August 1st. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research report on Monday, July 7th. Bank of America upped their target price on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research report on Tuesday, May 20th. Susquehanna upped their target price on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a "positive" rating in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $7.20 to $9.50 in a research note on Tuesday, July 1st. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO traded up $0.02 during trading hours on Wednesday, hitting $10.02. 334,781 shares of the company's stock traded hands, compared to its average volume of 3,849,387. The firm has a market cap of $4.20 billion, a P/E ratio of 76.97 and a beta of 0.77. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $10.12. The stock's fifty day moving average price is $8.78 and its two-hundred day moving average price is $6.76.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.14. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.20 billion. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.Melco Resorts & Entertainment's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 earnings per share. On average, equities research analysts predict that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Institutional Trading of Melco Resorts & Entertainment

Hedge funds have recently added to or reduced their stakes in the business. DAVENPORT & Co LLC boosted its stake in Melco Resorts & Entertainment by 5.9% during the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock valued at $453,000 after purchasing an additional 4,815 shares during the period. Bank of America Corp DE lifted its position in shares of Melco Resorts & Entertainment by 133.7% in the 4th quarter. Bank of America Corp DE now owns 642,726 shares of the company's stock worth $3,721,000 after acquiring an additional 367,652 shares during the period. Northern Trust Corp lifted its position in shares of Melco Resorts & Entertainment by 274.4% in the 4th quarter. Northern Trust Corp now owns 362,738 shares of the company's stock worth $2,100,000 after acquiring an additional 265,848 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Melco Resorts & Entertainment in the 4th quarter worth approximately $649,000. Finally, Ameriprise Financial Inc. lifted its position in shares of Melco Resorts & Entertainment by 1,166.0% in the 4th quarter. Ameriprise Financial Inc. now owns 147,363 shares of the company's stock worth $853,000 after acquiring an additional 135,723 shares during the period. Institutional investors own 39.62% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.