Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from an equal weight rating to an overweight rating in a research note released on Monday, Marketbeat.com reports. They currently have $6.70 price target on the stock, down from their prior price target of $7.50.

Other equities analysts have also recently issued reports about the company. Citigroup cut Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and reduced their price target for the company from $10.00 to $6.00 in a research report on Monday, February 10th. Susquehanna dropped their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $7.24.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO opened at $5.94 on Monday. The stock has a market cap of $2.49 billion, a PE ratio of -27.00, a price-to-earnings-growth ratio of 0.63 and a beta of 1.02. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $8.90. The stock has a fifty day moving average of $5.69 and a 200-day moving average of $6.18.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in shares of Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $58,000. Empirical Asset Management LLC purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $73,000. Creative Planning boosted its stake 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 worth $124,000 after buying an additional 4,220 shares during the last quarter. Finally, Vident Advisory LLC purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $142,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.