Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $9.82 Average PT from Brokerages

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $9.82.

MLCO has been the topic of several analyst reports. Bank of America dropped their price target on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Citigroup boosted their price target on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $7.00 in a research note on Thursday, July 18th. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $8.30 to $9.60 in a report on Monday, May 6th.

Melco Resorts & Entertainment Stock Performance

MLCO stock opened at $5.41 on Wednesday. The business’s 50-day moving average is $6.25 and its two-hundred day moving average is $7.14. The company has a market cap of $2.41 billion, a price-to-earnings ratio of -12.88, a P/E/G ratio of 0.46 and a beta of 1.04. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $11.43.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. Melco Resorts & Entertainment’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) EPS. Equities analysts predict that Melco Resorts & Entertainment will post 0.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new stake in shares of Melco Resorts & Entertainment during the fourth quarter valued at approximately $37,000. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $42,000. Blue Trust Inc. lifted its stake in Melco Resorts & Entertainment by 243.4% in the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after purchasing an additional 5,191 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Melco Resorts & Entertainment in the 1st quarter worth $56,000. Finally, Headlands Technologies LLC bought a new position in shares of Melco Resorts & Entertainment during the 2nd quarter valued at about $56,000. 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.