Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $11.00 Price Target at JPMorgan Chase & Co.

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $10.50 to $11.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 21.75% from the stock’s previous close.

Several other equities research analysts have also commented on MLCO. Susquehanna upped their price objective on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a “positive” rating in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a report on Saturday. Citigroup lifted their price objective on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a report on Friday, August 1st. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research report on Wednesday, September 3rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and an average target price of $8.40.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO traded up $0.54 on Monday, reaching $9.04. 1,065,114 shares of the company’s stock traded hands, compared to its average volume of 3,569,080. Melco Resorts & Entertainment has a fifty-two week low of $4.55 and a fifty-two week high of $10.15. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 69.58 and a beta of 0.70. The stock has a 50 day moving average price of $8.89 and a 200-day moving average price of $7.95.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.10. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the firm posted $0.06 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities research analysts anticipate that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in MLCO. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Melco Resorts & Entertainment during the first quarter worth approximately $34,000. FNY Investment Advisers LLC acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter valued at about $38,000. Brown Advisory Inc. purchased a new position in shares of Melco Resorts & Entertainment in the first quarter worth about $53,000. Aigen Investment Management LP acquired a new position in Melco Resorts & Entertainment during the first quarter worth about $59,000. Finally, Solstein Capital LLC grew its stake in Melco Resorts & Entertainment by 74.9% during the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after acquiring an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors 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.