Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up to $7.24

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped up prior to trading on Monday . The stock had previously closed at $7.24, but opened at $7.50. Melco Resorts & Entertainment shares last traded at $7.40, with a volume of 1,303,721 shares trading hands.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Susquehanna dropped their price objective on shares of 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. Citigroup lifted their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Finally, Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $8.30 to $9.60 in a report on Monday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Moderate Buy” and a consensus price target of $13.82.

Melco Resorts & Entertainment Trading Down 1.6 %

The company’s 50-day moving average is $7.06 and its 200-day moving average is $7.79. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -18.26 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, 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 firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the business posted ($0.14) EPS. The company’s revenue was up 55.2% compared to the same quarter last year. Equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently made changes to their positions in the stock. ARGA Investment Management LP grew its position 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 acquiring an additional 1,695,442 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in shares of Melco Resorts & Entertainment by 7.9% during the first quarter. Coronation Fund Managers Ltd. now owns 13,334,341 shares of the company’s stock worth $96,141,000 after purchasing an additional 974,968 shares during the last quarter. Capital World Investors increased its stake in shares of Melco Resorts & Entertainment by 3.1% in the fourth quarter. Capital World Investors now owns 13,052,483 shares of the company’s stock valued at $115,776,000 after buying an additional 390,831 shares during the period. Goldman Sachs Group Inc. boosted its position in Melco Resorts & Entertainment by 6.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock worth $50,696,000 after buying an additional 366,031 shares during the period. Finally, Barclays PLC grew its holdings in Melco Resorts & Entertainment by 107.7% during the 3rd 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 during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.