Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Up 8.8% After Analyst Upgrade

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares rose 8.8% during mid-day trading on Thursday after Citigroup raised their price target on the stock from $13.75 to $14.00. Citigroup currently has a buy rating on the stock. Melco Resorts & Entertainment traded as high as $7.17 and last traded at $7.17. Approximately 3,839,369 shares traded hands during trading, an increase of 19% from the average daily volume of 3,215,203 shares. The stock had previously closed at $6.59.

Other equities analysts also recently issued reports about the stock. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a report on Monday, April 29th. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $9.60 price objective on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.82.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in MLCO. GAMMA Investing LLC bought a new position in Melco Resorts & Entertainment in the fourth quarter worth $37,000. FNY Investment Advisers LLC bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $88,000. Greenleaf Trust bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $92,000. Quadrant Capital Group LLC increased its holdings in shares of Melco Resorts & Entertainment by 15.4% during the fourth quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock valued at $92,000 after acquiring an additional 1,386 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $111,000. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Up 1.3 %

The firm has a fifty day moving average price of $7.13 and a two-hundred day moving average price of $7.81. The stock has a market capitalization of $3.22 billion, a P/E ratio of -17.24 and a beta of 1.10.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative return on equity of 8.00% and a negative net margin of 4.34%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm earned ($0.14) EPS. Melco Resorts & Entertainment’s revenue was up 55.2% on a year-over-year basis. Sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.27 earnings per share for the current fiscal year.

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.