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

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares gapped up before the market opened 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.

Analyst Upgrades and Downgrades

MLCO has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. 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. Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $8.30 to $9.60 in a report on Monday. Finally, Susquehanna reduced their price objective on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a report on Monday, April 29th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and an average price target of $13.82.

Melco Resorts & Entertainment Stock Up 1.8 %

The business’s 50 day moving average is $7.10 and its 200 day moving average is $7.79. The company has a market cap of $3.28 billion, a P/E ratio of -17.24 and a beta of 1.10.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced 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 for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the business posted ($0.14) EPS. The business’s revenue was up 55.2% compared to the same quarter last year. As a group, equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of large investors have recently made changes to their positions in the business. ARGA Investment Management LP grew 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 last quarter. Coronation Fund Managers Ltd. grew its stake 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 acquiring an additional 974,968 shares during the last quarter. Capital World Investors increased its holdings in shares of Melco Resorts & Entertainment by 3.1% during the fourth quarter. Capital World Investors now owns 13,052,483 shares of the company’s stock valued at $115,776,000 after acquiring an additional 390,831 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Melco Resorts & Entertainment by 6.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock valued at $50,696,000 after purchasing an additional 366,031 shares during the last quarter. Finally, Barclays PLC boosted its stake in Melco Resorts & Entertainment by 107.7% in the 3rd quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock worth $18,940,000 after purchasing an additional 992,813 shares in the last quarter. 39.62% of the stock is 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.