Melco Resorts & Entertainment (NASDAQ:MLCO) Lifted to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from an equal weight rating to an overweight rating in a report issued on Monday morning, Marketbeat.com reports. The firm currently has $9.60 target price on the stock, up from their prior target price of $8.30.

Other equities analysts have also issued reports about the stock. Citigroup raised their target price on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. StockNews.com upgraded Melco Resorts & Entertainment from a sell rating to a hold rating in a report on Friday, April 5th. Finally, Susquehanna cut their price target on Melco Resorts & Entertainment from $15.00 to $11.00 and set a positive rating on the stock in a research note on Monday, April 29th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment currently has a consensus rating of Moderate Buy and a consensus price target of $13.82.

Melco Resorts & Entertainment Stock Up 2.2 %

Shares of Melco Resorts & Entertainment stock opened at $7.84 on Monday. The stock’s fifty day moving average is $7.05 and its two-hundred day moving average is $7.79. Melco Resorts & Entertainment has a 52 week low of $6.10 and a 52 week high of $13.91. The company has a market capitalization of $3.49 billion, a PE ratio of -18.67 and a beta of 1.10.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results 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 net margin of 4.34% and a negative return on equity of 7.61%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the business 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, research analysts anticipate that Melco Resorts & Entertainment will post 0.29 earnings per share for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Quadrant Capital Group LLC grew its stake 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 valued at $92,000 after purchasing an additional 1,386 shares during the last quarter. WESPAC Advisors LLC grew its position in shares of Melco Resorts & Entertainment by 7.4% in the 3rd quarter. WESPAC Advisors LLC now owns 31,994 shares of the company’s stock worth $316,000 after buying an additional 2,193 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Melco Resorts & Entertainment by 2.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 116,620 shares of the company’s stock valued at $1,034,000 after acquiring an additional 2,700 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in Melco Resorts & Entertainment by 1.1% in the first quarter. Bleakley Financial Group LLC now owns 264,989 shares of the company’s stock valued at $1,911,000 after acquiring an additional 2,961 shares in the last quarter. Finally, Tobam grew its holdings in Melco Resorts & Entertainment by 38.5% in the fourth quarter. Tobam now owns 13,728 shares of the company’s stock worth $122,000 after purchasing an additional 3,818 shares during the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.