Melco Resorts & Entertainment Limited Forecasted to Earn Q2 2024 Earnings of $0.08 Per Share (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Investment analysts at Seaport Res Ptn issued their Q2 2024 earnings estimates for shares of Melco Resorts & Entertainment in a research report issued to clients and investors on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky expects that the company will post earnings of $0.08 per share for the quarter. The consensus estimate for Melco Resorts & Entertainment’s current full-year earnings is $0.30 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment’s Q3 2024 earnings at $0.10 EPS and Q4 2024 earnings at $0.13 EPS.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the business posted ($0.14) EPS. The company’s revenue for the quarter was up 55.2% on a year-over-year basis.

Other equities research analysts also recently issued reports about the stock. Bank of America upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $7.50 to $10.40 in a report on Wednesday, May 29th. Susquehanna decreased their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday, April 29th. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $8.30 to $9.60 in a research note on Monday, May 6th. Citigroup boosted their target price on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.26.

Melco Resorts & Entertainment Trading Down 2.5 %

Shares of MLCO opened at $7.46 on Friday. The stock has a market cap of $3.32 billion, a P/E ratio of -17.76, a PEG ratio of 0.53 and a beta of 1.08. The company has a 50-day moving average of $7.73 and a two-hundred day moving average of $7.89. Melco Resorts & Entertainment has a 12-month low of $6.10 and a 12-month high of $13.91.

Institutional Trading of Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors lifted its position in Melco Resorts & Entertainment by 22.6% during the 1st quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after acquiring an additional 3,958,998 shares during the last quarter. Invenomic Capital Management LP acquired a new position in shares of Melco Resorts & Entertainment during the first quarter worth approximately $15,963,000. ARGA Investment Management LP lifted its position in shares of Melco Resorts & Entertainment by 6.1% during the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after purchasing an additional 1,695,442 shares in the last quarter. TORQ CAPITAL MANAGEMENT HK Ltd lifted its position in shares of Melco Resorts & Entertainment by 268.5% during the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock worth $16,140,000 after purchasing an additional 1,325,878 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Melco Resorts & Entertainment by 92.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,216,700 shares of the company’s stock valued at $15,982,000 after buying an additional 1,066,600 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

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.