Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research note issued on Monday, Marketbeat reports. The firm presently has a $9.60 price target on the stock, up from their prior price target of $8.30. Morgan Stanley's price target indicates a potential upside of 30.26% from the company's previous close.
Several other equities research analysts have also commented on MLCO. StockNews.com raised shares of Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research note on Friday, April 5th. Citigroup raised their price objective on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a "buy" rating in a research report on Wednesday, May 1st. Finally, Susquehanna dropped their target price on Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating on the stock in a report on Monday, April 29th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $13.82.
Read Our Latest Report on MLCO
Melco Resorts & Entertainment Trading Up 1.8 %
Melco Resorts & Entertainment stock traded up $0.13 during trading hours on Monday, hitting $7.37. 3,881,124 shares of the stock traded hands, compared to its average volume of 3,300,636. Melco Resorts & Entertainment has a one year low of $6.10 and a one year high of $13.91. The firm's 50-day moving average price is $7.10 and its two-hundred day moving average price is $7.79. The company has a market cap of $3.28 billion, a PE ratio of -17.24 and a beta of 1.10.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The firm's revenue was up 55.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.14) earnings per share. On average, sell-side analysts expect that Melco Resorts & Entertainment will post 0.29 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Melco Resorts & Entertainment
Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC purchased a new position in Melco Resorts & Entertainment in the 4th quarter worth about $37,000. FNY Investment Advisers LLC bought a new position in Melco Resorts & Entertainment during the fourth quarter valued at approximately $88,000. Greenleaf Trust purchased a new stake in Melco Resorts & Entertainment in the fourth quarter worth approximately $92,000. Quadrant Capital Group LLC boosted its holdings in Melco Resorts & Entertainment by 15.4% in the fourth quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company's stock worth $92,000 after purchasing an additional 1,386 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Melco Resorts & Entertainment in the 4th quarter worth approximately $111,000. 39.62% of the stock is owned by hedge funds and other institutional investors.
About Melco Resorts & Entertainment
(
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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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