Melco Resorts & Entertainment (MLCO) Shares Gap Up to $18.40

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Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares gapped up before the market opened on Tuesday . The stock had previously closed at $18.00, but opened at $18.40. Melco Resorts & Entertainment shares last traded at $18.53, with a volume of 3222797 shares trading hands.

A number of research firms recently commented on MLCO. BidaskClub lowered shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Thursday, June 28th. Nomura lowered their price objective on shares of Melco Resorts & Entertainment from $42.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday, July 9th. Zacks Investment Research lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 4th. HSBC set a $33.00 price objective on shares of Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Tuesday. Finally, Bank of America reiterated a “buy” rating and set a $35.10 price objective (up previously from $34.40) on shares of Melco Resorts & Entertainment in a research note on Tuesday, July 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Melco Resorts & Entertainment presently has an average rating of “Buy” and an average price target of $32.89.

The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.02 and a current ratio of 1.04. The stock has a market capitalization of $10.46 billion, a PE ratio of 19.68, a P/E/G ratio of 1.66 and a beta of 1.48.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Tuesday, July 24th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.31 billion. Melco Resorts & Entertainment had a return on equity of 15.47% and a net margin of 7.83%. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.07 EPS. As a group, research analysts forecast that Melco Resorts & Entertainment Limited will post 1.06 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of MLCO. SG Americas Securities LLC grew its position in Melco Resorts & Entertainment by 1,935.3% during the 2nd quarter. SG Americas Securities LLC now owns 431,244 shares of the company’s stock worth $12,075,000 after purchasing an additional 410,056 shares in the last quarter. Engineers Gate Manager LP purchased a new position in Melco Resorts & Entertainment during the 2nd quarter worth approximately $386,000. Mount Yale Investment Advisors LLC grew its position in Melco Resorts & Entertainment by 15.8% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 86,224 shares of the company’s stock worth $2,414,000 after purchasing an additional 11,759 shares in the last quarter. Marshall Wace LLP purchased a new position in Melco Resorts & Entertainment during the 2nd quarter worth approximately $11,066,000. Finally, Boston Partners purchased a new position in Melco Resorts & Entertainment during the 2nd quarter worth approximately $1,660,000. Hedge funds and other institutional investors own 40.49% of the company’s stock.

About Melco Resorts & Entertainment (NASDAQ:MLCO)

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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