Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded by Morgan Stanley to Overweight

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $9.60 price objective on the stock, up from their previous price objective of $8.30. Morgan Stanley’s target price indicates a potential upside of 32.60% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. StockNews.com upgraded Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Susquehanna decreased their target price on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday, April 29th. Finally, 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, May 1st. Two research analysts have rated the stock with a hold rating and five have given 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.

Melco Resorts & Entertainment Trading Up 1.3 %

Shares of NASDAQ:MLCO opened at $7.24 on Monday. The business has a 50-day moving average price of $7.10 and a 200 day moving average price of $7.79. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -17.24 and a beta of 1.10. Melco Resorts & Entertainment has a 12-month low of $6.10 and a 12-month high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the company posted ($0.14) earnings per share. The business’s revenue for the quarter was up 55.2% on a year-over-year basis. As a group, equities research analysts predict 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 large investors have recently modified their holdings of MLCO. GAMMA Investing LLC purchased a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $37,000. FNY Investment Advisers LLC acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth $88,000. Greenleaf Trust acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth $92,000. Quadrant Capital Group LLC grew its holdings in Melco Resorts & Entertainment by 15.4% during the fourth quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock worth $92,000 after acquiring an additional 1,386 shares during the period. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth $111,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.