Melco Resorts & Entertainment (NASDAQ:MLCO) Raised to "Overweight" at Morgan Stanley

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by equities researchers at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a $6.70 price objective on the stock, down from their previous price objective of $7.50. Morgan Stanley's price objective would suggest a potential upside of 18.58% from the company's previous close.

A number of other analysts have also recently weighed in on the company. Citigroup cut Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $10.00 to $6.00 in a research report on Monday, February 10th. Susquehanna lowered their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $7.24.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO traded up $0.09 during mid-day trading on Monday, reaching $5.65. The stock had a trading volume of 4,039,567 shares, compared to its average volume of 4,133,384. The stock has a market cap of $2.37 billion, a P/E ratio of -25.68, a PEG ratio of 0.63 and a beta of 1.04. The business's 50 day moving average is $5.70 and its 200 day moving average is $6.18. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $8.90.

Institutional Trading of Melco Resorts & Entertainment

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