Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Raised to $11.00

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price objective increased by Citigroup from $8.60 to $11.00 in a research note published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. UBS Group cut shares of Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price target for the company. in a report on Wednesday, April 30th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Monday, July 7th. Bank of America lifted their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a “neutral” rating in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.90.

Melco Resorts & Entertainment Trading Down 1.2%

NASDAQ:MLCO opened at $8.70 on Wednesday. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $8.91. The stock has a 50-day moving average price of $6.71 and a two-hundred day moving average price of $5.90. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 62.14, a PEG ratio of 0.68 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data 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 12.58% and a net margin of 1.28%. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business posted $0.04 EPS. Melco Resorts & Entertainment’s revenue for the quarter was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its holdings in Melco Resorts & Entertainment by 47.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company’s stock worth $2,045,000 after acquiring an additional 113,328 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth approximately $649,000. Virtu Financial LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $167,000. Sei Investments Co. grew its stake in shares of Melco Resorts & Entertainment by 20.4% in the fourth quarter. Sei Investments Co. now owns 725,100 shares of the company’s stock valued at $4,198,000 after buying an additional 123,042 shares in the last quarter. Finally, Samalin Investment Counsel LLC increased its holdings in Melco Resorts & Entertainment by 11.6% during the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock worth $557,000 after buying an additional 10,000 shares during 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.