Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Rating Upgraded by Citigroup

Citigroup upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a neutral rating to a buy rating in a report released on Thursday morning, MarketBeat Ratings reports. Citigroup currently has $6.25 target price on the stock.

Several other brokerages have also recently issued reports on MLCO. Susquehanna reduced their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $7.50 to $6.70 in a report on Monday, March 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $7.29.

Melco Resorts & Entertainment Trading Down 1.4 %

Shares of NASDAQ:MLCO opened at $4.76 on Thursday. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $8.90. The company has a market cap of $2.03 billion, a PE ratio of -21.64, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87. The company’s 50 day moving average is $5.49 and its 200 day moving average is $6.13.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently modified their holdings of MLCO. Charles Schwab Investment Management Inc. raised its holdings in Melco Resorts & Entertainment by 124.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock worth $1,869,000 after purchasing an additional 133,086 shares during the period. ARGA Investment Management LP raised its stake in shares of Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock worth $171,688,000 after buying an additional 456,117 shares during the period. State of New Jersey Common Pension Fund D acquired a new stake in Melco Resorts & Entertainment in the 4th quarter valued at $407,000. Sei Investments Co. increased its holdings in Melco Resorts & Entertainment by 20.4% in the 4th quarter. Sei Investments Co. now owns 725,100 shares of the company’s stock worth $4,198,000 after acquiring an additional 123,042 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Melco Resorts & Entertainment by 88.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock worth $2,963,000 after acquiring an additional 178,993 shares during the period. 39.62% of the stock is 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.