Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up to $6.00

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares gapped up prior to trading on Tuesday . The stock had previously closed at $6.00, but opened at $6.48. Melco Resorts & Entertainment shares last traded at $6.49, with a volume of 795,307 shares traded.

Wall Street Analyst Weigh In

MLCO has been the subject of several research analyst reports. JPMorgan Chase & Co. downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Bank of America dropped their price objective on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.82.

Melco Resorts & Entertainment Stock Up 5.0 %

The company has a market capitalization of $2.80 billion, a P/E ratio of -15.67, a P/E/G ratio of 0.91 and a beta of 1.03. The company’s 50-day simple moving average is $5.57 and its 200 day simple moving average is $6.76.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company posted ($0.02) EPS. The business’s revenue was up 22.3% compared to the same quarter last year. As a group, equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors increased its stake in shares of Melco Resorts & Entertainment by 22.6% in the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after purchasing an additional 3,958,998 shares during the period. Invenomic Capital Management LP bought a new position in Melco Resorts & Entertainment in the 1st quarter worth approximately $15,963,000. Coronation Fund Managers Ltd. boosted its position in shares of Melco Resorts & Entertainment by 16.2% in the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock valued at $115,636,000 after acquiring an additional 2,166,524 shares during the period. Eminence Capital LP grew its stake in shares of Melco Resorts & Entertainment by 14.0% in the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after acquiring an additional 2,154,509 shares during the last quarter. Finally, ARGA Investment Management LP increased its position in 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 acquiring an additional 1,695,442 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.