Melco Resorts & Entertainment (NASDAQ:MLCO) Posts Earnings Results, Beats Expectations By $0.02 EPS

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.02, Briefing.com reports. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Melco Resorts & Entertainment's revenue for the quarter was up 55.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.14) EPS.

Melco Resorts & Entertainment Stock Performance

MLCO stock traded up $0.05 during midday trading on Wednesday, reaching $6.59. 5,928,927 shares of the company's stock traded hands, compared to its average volume of 3,182,997. The company has a 50-day moving average price of $7.18 and a two-hundred day moving average price of $7.82. Melco Resorts & Entertainment has a 52 week low of $6.10 and a 52 week high of $13.91. The firm has a market capitalization of $2.93 billion, a PE ratio of -10.68 and a beta of 1.11.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MLCO shares. Citigroup boosted their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday. Morgan Stanley restated an "equal weight" rating and issued a $9.60 target price on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. StockNews.com upgraded Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research note on Friday, April 5th. Finally, Susquehanna cut their target price on Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating on the stock in a research note on Monday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.82.

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.