Melco Resorts & Entertainment (NASDAQ:MLCO) Rating Increased to Overweight at JPMorgan Chase & Co.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $9.50 price target on the stock, up from their previous price target of $7.20. JPMorgan Chase & Co.'s target price suggests a potential upside of 10.85% from the stock's previous close.

MLCO has been the subject of a number of other research reports. Citigroup raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price for the company in a report on Thursday, April 10th. UBS Group downgraded Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective for the company. in a research note on Wednesday, April 30th. Bank of America increased their target price on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a report on Tuesday, May 20th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a report on Sunday, June 29th. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $7.50 to $6.70 in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $7.11.

Melco Resorts & Entertainment Trading Up 1.7%

Shares of NASDAQ:MLCO traded up $0.14 during trading on Tuesday, reaching $8.57. The company had a trading volume of 2,504,381 shares, compared to its average volume of 3,854,044. Melco Resorts & Entertainment has a 12 month low of $4.55 and a 12 month high of $8.90. The company has a fifty day moving average of $6.35 and a two-hundred day moving average of $5.81. The stock has a market capitalization of $3.60 billion, a P/E ratio of 61.21, a price-to-earnings-growth ratio of 0.66 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The company 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 period in the prior year, the business posted $0.04 EPS. As a group, 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

Several hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Melco Resorts & Entertainment during the first quarter valued at approximately $34,000. Brown Advisory Inc. bought a new stake in Melco Resorts & Entertainment during the 1st quarter valued at $53,000. Aigen Investment Management LP bought a new stake in shares of Melco Resorts & Entertainment in the first quarter valued at about $59,000. GAMMA Investing LLC raised its stake 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 lifted its stake in shares of Melco Resorts & Entertainment by 294.1% during the 1st quarter. US Bancorp DE now owns 20,874 shares of the company's stock worth $110,000 after purchasing an additional 15,578 shares during the last quarter. 39.62% of the stock is owned by hedge funds and other 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.