Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up to $6.34

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $6.34, but opened at $6.55. Melco Resorts & Entertainment shares last traded at $6.59, with a volume of 713,727 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on MLCO. Susquehanna dropped their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $9.60 price objective on shares of Melco Resorts & Entertainment in a research report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $13.78.

Melco Resorts & Entertainment Stock Up 3.6 %

The stock has a 50-day moving average price of $7.27 and a 200 day moving average price of $7.86. The firm has a market capitalization of $2.92 billion, a PE ratio of -10.46 and a beta of 1.11.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.14 billion. The firm’s revenue for the quarter was up 224.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.51) EPS. As a group, equities analysts predict that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. ARGA Investment Management LP boosted 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 valued at $211,514,000 after acquiring an additional 1,695,442 shares during the last quarter. Capital World Investors raised its stake in shares of Melco Resorts & Entertainment by 3.1% in the 4th quarter. Capital World Investors now owns 13,052,483 shares of the company’s stock valued at $115,776,000 after purchasing an additional 390,831 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Melco Resorts & Entertainment by 6.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock worth $50,696,000 after purchasing an additional 366,031 shares during the last quarter. Barclays PLC increased its holdings in Melco Resorts & Entertainment by 107.7% in the third quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock valued at $18,940,000 after buying an additional 992,813 shares during the last quarter. Finally, TORQ CAPITAL MANAGEMENT HK Ltd raised its stake in Melco Resorts & Entertainment by 268.5% during the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock valued at $16,140,000 after buying an additional 1,325,878 shares in the last quarter. 39.62% of the stock is 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.