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

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MLCO shares. Morgan Stanley reiterated an “equal weight” rating and set a $9.60 price objective on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Finally, Susquehanna decreased their price objective on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a report on Monday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently 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 market cap of $2.92 billion, a price-to-earnings ratio of -10.46 and a beta of 1.11. The business’s 50 day simple moving average is $7.27 and its 200 day simple moving average is $7.86.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, February 29th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.14 billion. The firm’s revenue was up 224.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.51) EPS. Equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of large investors have recently made changes to their positions in the company. TORQ CAPITAL MANAGEMENT HK Ltd boosted its stake in Melco Resorts & Entertainment by 268.5% in the 4th quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock valued at $16,140,000 after purchasing an additional 1,325,878 shares during the period. Matthews International Capital Management LLC lifted its holdings in shares of Melco Resorts & Entertainment by 247.0% during the third quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company’s stock worth $11,809,000 after buying an additional 849,949 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of Melco Resorts & Entertainment by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company’s stock valued at $4,069,000 after acquiring an additional 179,070 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of Melco Resorts & Entertainment by 2.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 116,620 shares of the company’s stock valued at $1,034,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Barclays PLC grew its stake 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 acquiring an additional 992,813 shares in the last quarter. Institutional investors own 39.62% of the company’s stock.

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.