Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded by Morgan Stanley to “Overweight” Rating

Morgan Stanley upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from an equal weight rating to an overweight rating in a research report report published on Monday, MarketBeat Ratings reports. Morgan Stanley currently has $6.70 price target on the stock, down from their prior price target of $7.50.

A number of other equities research analysts have also recently commented on the company. Susquehanna decreased their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, February 3rd. Citigroup cut Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and decreased their price target for the company from $10.00 to $6.00 in a report on Monday, February 10th. Three equities research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.24.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $5.94 on Monday. Melco Resorts & Entertainment has a one year low of $4.78 and a one year high of $8.90. The stock’s fifty day moving average is $5.69 and its 200 day moving average is $6.18. The stock has a market cap of $2.49 billion, a P/E ratio of -27.00, a P/E/G ratio of 0.63 and a beta of 1.02.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several large investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Melco Resorts & Entertainment by 17.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 447,953 shares of the company’s stock worth $2,594,000 after purchasing an additional 67,581 shares during the last quarter. Vident Advisory LLC bought a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth about $142,000. Twinbeech Capital LP increased its holdings in shares of Melco Resorts & Entertainment by 2,039.4% in the fourth quarter. Twinbeech Capital LP now owns 219,336 shares of the company’s stock worth $1,270,000 after purchasing an additional 209,084 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of Melco Resorts & Entertainment by 759.1% in the fourth quarter. Two Sigma Advisers LP now owns 128,000 shares of the company’s stock worth $741,000 after purchasing an additional 113,100 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of Melco Resorts & Entertainment by 1,588.1% in the fourth quarter. Two Sigma Investments LP now owns 579,341 shares of the company’s stock worth $3,354,000 after purchasing an additional 545,021 shares during the last quarter. 39.62% of the stock is owned by 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.