JPMorgan Chase & Co. Issues Positive Forecast for Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price increased by JPMorgan Chase & Co. from $6.50 to $7.20 in a research report report published on Monday,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts also recently weighed in on MLCO. Citigroup upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 target price for the company in a research note on Thursday, April 10th. Susquehanna reduced their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. UBS Group downgraded Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price objective for the company. in a research report on Wednesday, April 30th. Bank of America raised their price objective on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a “neutral” rating in a research report on Tuesday, May 20th. Finally, Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $6.73.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $6.28 on Monday. The business has a 50 day moving average price of $5.48 and a 200 day moving average price of $5.73. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $8.90. The company has a market cap of $2.64 billion, a price-to-earnings ratio of -28.54, a PEG ratio of 0.63 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative return on equity of 16.35% and a negative net margin of 2.04%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the company earned $0.04 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts anticipate that Melco Resorts & Entertainment will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northern Trust Corp increased its holdings in Melco Resorts & Entertainment by 274.4% during the 4th quarter. Northern Trust Corp now owns 362,738 shares of the company’s stock valued at $2,100,000 after purchasing an additional 265,848 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Melco Resorts & Entertainment during the 4th quarter valued at $649,000. Charles Schwab Investment Management Inc. increased its holdings in Melco Resorts & Entertainment by 47.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company’s stock valued at $2,045,000 after purchasing an additional 113,328 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Melco Resorts & Entertainment by 92.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock valued at $13,886,000 after purchasing an additional 1,150,500 shares in the last quarter. Finally, ARGA Investment Management LP increased its holdings in Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after purchasing an additional 456,117 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.