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

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, MarketBeat reports. The brokerage currently has a $9.60 price target on the stock, up from their previous price target of $8.30. Morgan Stanley’s price target would indicate a potential upside of 25.16% from the stock’s current price.

MLCO has been the topic of several other research reports. Citigroup raised 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. Susquehanna dropped their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a research report on Monday, April 29th. Finally, StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.82.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $7.67 on Monday. The firm has a market capitalization of $3.41 billion, a P/E ratio of -18.26 and a beta of 1.10. The company’s fifty day moving average price is $7.06 and its 200-day moving average price is $7.79. Melco Resorts & Entertainment has a 1-year low of $6.10 and a 1-year high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The firm’s revenue was up 55.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.14) earnings per share. Equities analysts anticipate that Melco Resorts & Entertainment will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth about $37,000. FNY Investment Advisers LLC acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth about $88,000. Greenleaf Trust acquired a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $92,000. Quadrant Capital Group LLC boosted its holdings in Melco Resorts & Entertainment by 15.4% in the 4th quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock valued at $92,000 after purchasing an additional 1,386 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $111,000. 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.