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

Morgan Stanley upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, Marketbeat reports. Morgan Stanley currently has $9.60 target price on the stock, up from their prior target price of $8.30.

MLCO has been the subject of a number of other research reports. Citigroup boosted their price target 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. Susquehanna reduced 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 report on Monday, April 29th. 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. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $13.82.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock opened at $7.37 on Monday. The company has a 50-day simple moving average of $7.08 and a 200-day simple moving average of $7.79. Melco Resorts & Entertainment has a one year low of $6.10 and a one year high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced 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%. Melco Resorts & Entertainment’s revenue was up 55.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.14) earnings per share. On average, research analysts predict that Melco Resorts & Entertainment will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the business. 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 valued at $211,514,000 after purchasing an additional 1,695,442 shares in the last quarter. TORQ CAPITAL MANAGEMENT HK Ltd boosted its holdings 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 worth $16,140,000 after buying an additional 1,325,878 shares in the last quarter. Brigade Capital Management LP acquired a new position in Melco Resorts & Entertainment in the fourth quarter worth approximately $9,253,000. Barclays PLC increased its holdings in shares of 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 in the last quarter. Finally, Coronation Fund Managers Ltd. lifted its position in shares of Melco Resorts & Entertainment by 7.9% during the 1st quarter. Coronation Fund Managers Ltd. now owns 13,334,341 shares of the company’s stock valued at $96,141,000 after acquiring an additional 974,968 shares during the last quarter. 39.62% of the stock is currently owned by 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.