Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $14.00 Price Target at Citigroup

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price lifted by Citigroup from $13.75 to $14.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

MLCO has been the topic of a number of other research reports. StockNews.com raised shares of Melco Resorts & Entertainment from a sell rating to a hold rating in a research report on Friday, April 5th. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a positive rating on the stock in a research note on Monday. Finally, Morgan Stanley reiterated an equal weight rating and set a $9.60 price target on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $13.82.

Melco Resorts & Entertainment Stock Up 0.8 %

NASDAQ MLCO opened at $6.59 on Wednesday. The firm’s 50-day moving average is $7.18 and its two-hundred day moving average is $7.82. Melco Resorts & Entertainment has a 12 month low of $6.10 and a 12 month high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company posted ($0.14) earnings per share. Melco Resorts & Entertainment’s revenue for the quarter was up 55.2% compared to the same quarter last year. On average, equities analysts anticipate that Melco Resorts & Entertainment will post 0.28 EPS for the current year.

Institutional Trading of Melco Resorts & Entertainment

A number of large investors have recently made changes to their positions in the company. ARGA Investment Management LP increased its stake in shares of Melco Resorts & Entertainment by 6.1% during the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after buying an additional 1,695,442 shares during the period. Capital World Investors increased its stake in shares of Melco Resorts & Entertainment by 3.1% during the fourth quarter. Capital World Investors now owns 13,052,483 shares of the company’s stock worth $115,776,000 after buying an additional 390,831 shares during the period. Goldman Sachs Group Inc. increased its stake 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 buying an additional 366,031 shares during the period. Barclays PLC increased its stake in shares of Melco Resorts & Entertainment by 107.7% during the third quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock worth $18,940,000 after buying an additional 992,813 shares during the period. Finally, TORQ CAPITAL MANAGEMENT HK Ltd increased its stake in shares of 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 during the period. 39.62% of the stock is currently owned by hedge funds and other 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.