Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up - Still a Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $5.56, but opened at $6.10. Melco Resorts & Entertainment shares last traded at $5.90, with a volume of 895,795 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MLCO. Morgan Stanley raised Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and decreased their target price for the stock from $7.50 to $6.70 in a research report on Monday. Citigroup lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $10.00 to $6.00 in a report on Monday, February 10th. Finally, Susquehanna cut their price target 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Melco Resorts & Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $7.24.

Melco Resorts & Entertainment Price Performance

The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -25.79, a price-to-earnings-growth ratio of 0.63 and a beta of 1.04. The company has a fifty day moving average price of $5.71 and a two-hundred day moving average price of $6.17.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Institutional investors and hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership acquired a new position in shares of Melco Resorts & Entertainment in the 4th quarter valued at $28,989,000. Coronation Fund Managers Ltd. raised its holdings in shares of Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company's stock valued at $101,835,000 after acquiring an additional 1,705,872 shares during the period. Eminence Capital LP boosted its stake in Melco Resorts & Entertainment by 22.1% in the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after purchasing an additional 1,402,619 shares during the period. BNP Paribas Financial Markets raised its stake in Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock valued at $11,633,000 after purchasing an additional 1,353,617 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Melco Resorts & Entertainment by 1,240.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company's stock valued at $7,771,000 after purchasing an additional 1,241,986 shares in the last quarter. 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.

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