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

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) 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 changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $8.30 to $9.60 in a report on Monday. StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Susquehanna reduced their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research report on Monday, April 29th. Finally, Citigroup increased their price objective on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.82.

Melco Resorts & Entertainment Trading Down 1.6 %

The stock has a market cap of $3.36 billion, a P/E ratio of -18.26 and a beta of 1.10. The stock’s fifty day moving average price is $7.06 and its 200 day moving average price is $7.79.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Tuesday, April 30th. The company reported $0.04 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 analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. The firm’s revenue was up 55.2% on a year-over-year basis. On average, analysts anticipate that Melco Resorts & Entertainment Limited will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at about $56,000. Fore Capital LLC bought a new stake in Melco Resorts & Entertainment in the first quarter valued at approximately $267,000. Coronation Fund Managers Ltd. boosted 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 valued at $96,141,000 after purchasing an additional 974,968 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Melco Resorts & Entertainment by 7.7% during the first quarter. Janney Montgomery Scott LLC now owns 124,379 shares of the company’s stock valued at $897,000 after purchasing an additional 8,945 shares during the period. Finally, Simplicity Wealth LLC purchased a new position in shares of Melco Resorts & Entertainment in the first quarter worth $1,911,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.