Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Strong Trading Volume on Earnings Beat

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw strong trading volume on Tuesday after the company announced better than expected quarterly earnings. 3,006,117 shares were traded during mid-day trading, a decline of 3% from the previous session’s volume of 3,113,049 shares.The stock last traded at $6.82 and had previously closed at $6.58.

The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 8.00%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.14) EPS. The company’s revenue for the quarter was up 55.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Citigroup increased their price objective on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a report on Wednesday. Susquehanna dropped 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 note on Monday. Finally, StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.82.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC boosted its position in shares of Melco Resorts & Entertainment by 7.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 124,379 shares of the company’s stock worth $897,000 after purchasing an additional 8,945 shares during the period. Simplicity Wealth LLC purchased a new position in shares of Melco Resorts & Entertainment during the 1st quarter worth approximately $1,911,000. ARGA Investment Management LP boosted its position in shares of 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 worth $211,514,000 after purchasing an additional 1,695,442 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Melco Resorts & Entertainment by 7.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 252,738 shares of the company’s stock worth $2,242,000 after purchasing an additional 17,088 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Melco Resorts & Entertainment by 72.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,150,100 shares of the company’s stock worth $10,201,000 after purchasing an additional 482,100 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Trading Up 0.8 %

The stock’s 50-day moving average is $7.18 and its two-hundred day moving average is $7.82.

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.