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

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Monday, MarketBeat Ratings reports. The firm currently has a $9.60 price target on the stock, up from their prior price target of $8.30. Morgan Stanley’s price objective suggests a potential upside of 32.60% from the company’s previous close.

MLCO has been the subject of a number of other reports. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Susquehanna cut their price target on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a report on Monday, April 29th. Finally, Citigroup lifted their price target on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Two equities research 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, the company has an average rating of “Moderate Buy” and a consensus price target of $13.82.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ:MLCO opened at $7.24 on Monday. Melco Resorts & Entertainment has a 52 week low of $6.10 and a 52 week high of $13.91. The company’s fifty day moving average is $7.10 and its 200-day moving average is $7.79. The company has a market capitalization of $3.22 billion, a PE ratio of -17.24 and a beta of 1.10.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $1.11 billion. During the same period in the previous year, the business posted ($0.14) earnings per share. The firm’s revenue for the quarter was up 55.2% compared to the same quarter last year. On average, analysts forecast that Melco Resorts & Entertainment will post 0.29 EPS for the current year.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds have recently modified their holdings of MLCO. Coronation Fund Managers Ltd. increased its stake in 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 valued at $96,141,000 after purchasing an additional 974,968 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Melco Resorts & Entertainment by 7.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 124,379 shares of the company’s stock valued at $897,000 after buying an additional 8,945 shares during the period. Simplicity Wealth LLC acquired a new stake in Melco Resorts & Entertainment during the 1st quarter worth $1,911,000. ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after buying an additional 1,695,442 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Melco Resorts & Entertainment by 7.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 252,738 shares of the company’s stock worth $2,242,000 after acquiring an additional 17,088 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.