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

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

A number of other analysts have also weighed in on MLCO. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Citigroup increased their target price on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a research report on Friday, August 1st. Wall Street Zen raised Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Finally, Susquehanna boosted their target price on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a “positive” rating in a report on Wednesday, July 30th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and a consensus price target of $8.40.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock traded up $0.54 during trading hours on Monday, hitting $9.04. The company had a trading volume of 1,065,114 shares, compared to its average volume of 3,569,080. The firm has a market cap of $3.79 billion, a P/E ratio of 69.58 and a beta of 0.70. The company has a 50-day moving average price of $8.89 and a two-hundred day moving average price of $7.95. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $10.15.

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

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment during the 2nd quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Melco Resorts & Entertainment during the first quarter valued at $34,000. Global Retirement Partners LLC increased its position in shares of Melco Resorts & Entertainment by 6,805.6% in the 3rd quarter. Global Retirement Partners LLC now owns 8,632 shares of the company’s stock valued at $79,000 after acquiring an additional 8,507 shares during the period. Solstein Capital LLC raised its stake in Melco Resorts & Entertainment by 74.9% in the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock worth $68,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Melco Resorts & Entertainment during the 2nd quarter worth about $71,000. 39.62% of the stock is 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.