Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Up 5%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) shares rose 5% during trading on Monday . The company traded as high as $7.59 and last traded at $7.57. Approximately 3,665,623 shares were traded during trading, an increase of 19% from the average daily volume of 3,082,571 shares. The stock had previously closed at $7.21.

Analyst Upgrades and Downgrades

MLCO has been the topic of a number of recent research reports. Susquehanna initiated coverage on Melco Resorts & Entertainment in a research note on Friday, December 15th. They set a "positive" rating and a $15.00 price objective on the stock. StockNews.com cut Melco Resorts & Entertainment from a "hold" rating to a "sell" rating in a research note on Thursday. Finally, Morgan Stanley restated an "equal weight" rating and set a $9.60 price objective on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $14.78.

Melco Resorts & Entertainment Price Performance

The company has a fifty day moving average of $7.93 and a 200-day moving average of $8.22. The firm has a market capitalization of $3.31 billion, a PE ratio of -11.81 and a beta of 1.12.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings data on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. The firm had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same quarter in the prior year, the business posted ($0.51) earnings per share. Melco Resorts & Entertainment's revenue was up 224.4% on a year-over-year basis. Equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently bought and sold shares of MLCO. Raymond James & Associates increased its position in Melco Resorts & Entertainment by 87.1% during the first quarter. Raymond James & Associates now owns 42,281 shares of the company's stock worth $323,000 after buying an additional 19,681 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Melco Resorts & Entertainment by 62.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 67,129 shares of the company's stock worth $513,000 after buying an additional 25,852 shares during the last quarter. Bank of New York Mellon Corp increased its position in Melco Resorts & Entertainment by 1.8% during the first quarter. Bank of New York Mellon Corp now owns 383,543 shares of the company's stock worth $2,931,000 after buying an additional 6,645 shares during the last quarter. Great West Life Assurance Co. Can increased its position in Melco Resorts & Entertainment by 1.4% during the first quarter. Great West Life Assurance Co. Can now owns 174,880 shares of the company's stock worth $1,408,000 after buying an additional 2,344 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its position in Melco Resorts & Entertainment by 34.9% during the first quarter. Vontobel Holding Ltd. now owns 72,302 shares of the company's stock worth $552,000 after buying an additional 18,696 shares during the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

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.