Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up – Should You Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price gapped up before the market opened 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 trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MLCO shares. Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $7.50 to $6.70 in a report on Monday. Susquehanna reduced their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Finally, Citigroup downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $6.00 in a research note on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and an average target price of $7.24.

Melco Resorts & Entertainment Stock Up 5.1 %

The company 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. The firm has a 50 day simple moving average of $5.69 and a 200-day simple moving average of $6.18.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning increased its position in shares of Melco Resorts & Entertainment by 35.9% during the third 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. Thrivent Financial for Lutherans purchased a new position in Melco Resorts & Entertainment during the 3rd quarter worth $720,000. Charles Schwab Investment Management Inc. increased its position in Melco Resorts & Entertainment by 124.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after buying an additional 133,086 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Melco Resorts & Entertainment in the third quarter valued at about $207,000. Finally, BNP Paribas Financial Markets boosted its holdings in Melco Resorts & Entertainment by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock worth $5,107,000 after acquiring an additional 238,884 shares in the last quarter. Hedge funds and other institutional investors 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.