Citigroup Raises Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target to $14.00

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price target upped by Citigroup from $13.75 to $14.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts 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 report on Friday, April 5th. Morgan Stanley restated an equal weight rating and set a $9.60 target price on shares of Melco Resorts & Entertainment in a research report on Tuesday, January 2nd. Finally, Susquehanna dropped 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, April 29th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $13.82.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock opened at $7.24 on Wednesday. The firm has a market cap of $3.22 billion, a P/E ratio of -17.24 and a beta of 1.10. The business’s fifty day moving average is $7.13 and its two-hundred day moving average is $7.81. Melco Resorts & Entertainment has a 52 week low of $6.10 and a 52 week high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted 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. 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 8.00% and a negative net margin of 4.34%. The business’s revenue was up 55.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. On average, equities research analysts predict that Melco Resorts & Entertainment will post 0.27 earnings per share for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLCO. ARGA Investment Management LP increased its holdings in Melco Resorts & Entertainment by 6.1% in the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. TORQ CAPITAL MANAGEMENT HK Ltd increased its holdings in Melco Resorts & Entertainment by 268.5% in the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock valued at $16,140,000 after purchasing an additional 1,325,878 shares during the last quarter. Brigade Capital Management LP bought a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth about $9,253,000. Barclays PLC increased its holdings in shares of Melco Resorts & Entertainment by 107.7% in the third quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock worth $18,940,000 after acquiring an additional 992,813 shares in the last quarter. Finally, Coronation Fund Managers Ltd. increased its holdings in shares of Melco Resorts & Entertainment by 7.9% in the first quarter. Coronation Fund Managers Ltd. now owns 13,334,341 shares of the company’s stock worth $96,141,000 after acquiring an additional 974,968 shares in the last quarter. 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.