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

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, Marketbeat reports. The firm presently has a $6.70 price objective on the stock, down from their previous price objective of $7.50. Morgan Stanley’s price objective indicates a potential upside of 18.58% from the stock’s previous close.

Several other research firms have also issued reports on MLCO. Susquehanna dropped their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, February 3rd. Citigroup cut shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment Price Performance

MLCO stock opened at $5.65 on Monday. The stock has a market capitalization of $2.37 billion, a P/E ratio of -25.68, a P/E/G ratio of 0.63 and a beta of 1.04. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $8.90. The business has a 50-day moving average of $5.69 and a 200-day moving average of $6.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in Melco Resorts & Entertainment by 140.7% during the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in Melco Resorts & Entertainment during the fourth quarter worth $58,000. Empirical Asset Management LLC bought a new stake in Melco Resorts & Entertainment during the fourth quarter worth $73,000. Creative Planning boosted its holdings in shares of Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after purchasing an additional 4,220 shares in the last quarter. Finally, Vident Advisory LLC bought a new position in shares of Melco Resorts & Entertainment in the 4th quarter valued at $142,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

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.