Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded at JPMorgan Chase & Co.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report issued on Tuesday,Briefing.com Automated Import reports. The firm currently has a $9.50 price objective on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 31.40% from the stock's current price.

Other equities analysts also recently issued research reports about the company. Bank of America upped their price objective on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research report on Tuesday, May 20th. Citigroup raised shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price target for the company in a research report on Thursday, April 10th. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $7.50 to $6.70 in a research note on Monday, March 3rd. Wall Street Zen cut Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a report on Sunday. Finally, UBS Group lowered Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target for the company. in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Melco Resorts & Entertainment has an average rating of "Hold" and a consensus price target of $7.11.

Melco Resorts & Entertainment Stock Up 0.4%

Shares of Melco Resorts & Entertainment stock opened at $7.23 on Tuesday. The company's 50 day moving average is $6.08 and its 200 day moving average is $5.74. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 51.64, a price-to-earnings-growth ratio of 0.56 and a beta of 0.79. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $8.90.

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

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently made changes to their positions in the company. Nuveen LLC acquired a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $31,946,000. Arrowstreet Capital Limited Partnership bought a new stake in Melco Resorts & Entertainment during the fourth quarter worth approximately $28,989,000. Brightlight Capital Management LP bought a new stake in Melco Resorts & Entertainment during the first quarter worth approximately $15,141,000. Eminence Capital LP lifted its position in Melco Resorts & Entertainment by 22.1% in the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after purchasing an additional 1,402,619 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock valued at $11,633,000 after purchasing an additional 1,353,617 shares in the last quarter. 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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