Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 52-Week Low – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $4.54 and last traded at $4.5650, with a volume of 329956 shares. The stock had previously closed at $4.72.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Susquehanna set a $7.00 price objective on Melco Resorts & Entertainment in a report on Friday, August 14th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their target price for the stock from $6.10 to $6.00 in a report on Friday, July 10th. Citigroup cut their target price on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Tuesday, August 18th. Finally, Morgan Stanley lowered Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.27.

Melco Resorts & Entertainment Stock Performance

The stock has a 50-day moving average of $5.30 and a 200 day moving average of $5.46. The firm has a market capitalization of $1.78 billion, a P/E ratio of 7.83, a price-to-earnings-growth ratio of 3.68 and a beta of 0.58.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.06 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.06. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%.The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS. On average, equities analysts predict that Melco Resorts & Entertainment Limited will post 0.41 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC lifted its position in Melco Resorts & Entertainment by 24.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock worth $82,000 after buying an additional 3,000 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at about $73,000. Baron Wealth Management LLC bought a new position in shares of Melco Resorts & Entertainment in the second quarter worth about $95,000. GAMMA Investing LLC raised its stake in shares of Melco Resorts & Entertainment by 71.5% in the second quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock worth $40,000 after acquiring an additional 3,155 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Melco Resorts & Entertainment by 1,370.8% during the first quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock worth $29,000 after purchasing an additional 4,702 shares in the last quarter. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality and entertainment. The company’s properties combine casino operations with hotels, restaurants, retail, convention space and leisure attractions.

Melco operates in Macau, including City of Dreams Macau, Studio City Macau and Altira Macau. Its portfolio also includes City of Dreams Manila in the Philippines and City of Dreams Mediterranean in Cyprus, along with satellite casinos in Cyprus.