Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up to $6.34

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $6.34, but opened at $6.55. Melco Resorts & Entertainment shares last traded at $6.59, with a volume of 713,727 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Susquehanna cut their target price on Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating for the company in a research report on Monday. StockNews.com upgraded Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research report on Friday, April 5th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $9.60 price objective on shares of Melco Resorts & Entertainment in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $13.78.

Melco Resorts & Entertainment Stock Performance

The company has a 50-day simple moving average of $7.22 and a 200-day simple moving average of $7.84. The stock has a market cap of $2.93 billion, a P/E ratio of -10.44 and a beta of 1.11.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.10. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.14 billion. The company's revenue for the quarter was up 224.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.51) EPS. As a group, sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in MLCO. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Melco Resorts & Entertainment by 12.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,102 shares of the company's stock valued at $466,000 after buying an additional 5,200 shares during the period. WESPAC Advisors LLC grew its stake in shares of Melco Resorts & Entertainment by 7.4% during the third quarter. WESPAC Advisors LLC now owns 31,994 shares of the company's stock worth $316,000 after purchasing an additional 2,193 shares during the period. Matthews International Capital Management LLC grew its stake in shares of Melco Resorts & Entertainment by 247.0% during the third quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company's stock worth $11,809,000 after purchasing an additional 849,949 shares during the period. Panagora Asset Management Inc. acquired a new stake in shares of Melco Resorts & Entertainment during the third quarter worth $269,000. Finally, Banque Pictet & Cie SA acquired a new stake in shares of Melco Resorts & Entertainment during the third quarter worth $175,000. 39.62% of the stock is owned by institutional investors and hedge funds.

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.