Melco Resorts & Entertainment (NASDAQ:MLCO) shares spread after analyst upgrade

Melco Resorts & Entertainment Limited (NASDAQ: MLCO – Get a rating) The stock price widened before the market opened on Monday after Citigroup raised its price target on the stock from $11.00 to $11.50. The stock had previously closed at $5.30, but opened at $5.83. Shares of Melco Resorts & Entertainment last traded at $6.55, with volume at 115,958 shares.

Separately, StockNews.com upgraded shares of Melco Resorts & Entertainment to a “sell” rating in a Thursday, September 15, report. One analyst rated the stock with a sell rating, one gave the company a hold rating and three gave the company a buy rating. Based on data from MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of “Hold” and a consensus target price of $12.25.

Melco Resorts & Entertainment Institutional Trade

Institutional investors and hedge funds have recently been buying and selling stocks. The New York State Common Retirement Fund increased its stake in shares of Melco Resorts & Entertainment by 8.9% during the first quarter. The New York State Common Retirement Fund now owns 973,741 shares of the company valued at $7,439,000 after purchasing an additional 79,883 shares in the last quarter. Panagora Asset Management Inc. increased its stake in shares of Melco Resorts & Entertainment by 641.4% during the first quarter. Panagora Asset Management Inc. now owns 361,950 shares of the company valued at $2,765,000 after purchasing an additional 313,131 shares last quarter. Commonwealth Equity Services LLC bought a new stock position in Melco Resorts & Entertainment during the first quarter, valued at approximately $78,000. Connor Clark & ​​Lunn Investment Management Ltd. bought a new stock position in Melco Resorts & Entertainment during the first quarter valued at approximately $2,851,000. Finally, Capital World Investors increased its position in shares of Melco Resorts & Entertainment by 4.9% during the fourth quarter. Capital World Investors now owns 22,089,735 shares of the company valued at $224,874,000 after acquiring an additional 1,036,962 shares last quarter. 35.87% of the shares are currently held by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock up 23.6%

The company has a market capitalization of $3.10 billion, a P/E ratio of -3.74 and a beta of 1.45. The company has a debt ratio of 21.09, a current ratio of 2.36 and a quick ratio of 2.33. The company’s 50-day moving average is $5.44 and its two-hundred-day moving average is $5.90.

Melco Resorts & Entertainment (NASDAQ: MLCO – Get a rating) last announced its quarterly results on Thursday, August 18. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The company posted revenue of $296.11 million in the quarter, versus a consensus estimate of $383.51 million. Melco Resorts & Entertainment recorded a negative net margin of 48.76% and a negative return on equity of 106.14%. As a group, stock analysts predict Melco Resorts & Entertainment Limited will post -1.88 earnings per share for the current fiscal year.

Company Profile Melco Resorts & Entertainment

(Get a rating)

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns and operates casino gaming and entertainment facilities in Asia. It owns and operates City of Dreams, an integrated casino complex that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage auditorium 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, spas and salons, as well as banquet and meeting facilities.

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