Melco Resorts & Entertainment (NASDAQ:MLCO) Receives Neutral Rating from JPMorgan Chase & Co.

Melco Resorts & Entertainment (NASDAQ:MLCO)‘s stock had its “neutral” rating reiterated by JPMorgan Chase & Co. in a note issued to investors on Friday,Benzinga reports. They presently have a $7.70 price target on the stock, down from their previous price target of $11.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.41% from the company’s current price.

Several other brokerages also recently issued reports on MLCO. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Wednesday, October 8th. Zacks Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Finally, Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.85.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $6.73 on Friday. The firm has a 50-day moving average of $8.19 and a 200-day moving average of $8.63. The company has a market cap of $2.82 billion, a PE ratio of 25.89 and a beta of 0.66. Melco Resorts & Entertainment has a one year low of $4.55 and a one year high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.10. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.06 EPS. On average, equities research analysts expect that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in Melco Resorts & Entertainment by 11.1% in the first quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock valued at $949,000 after acquiring an additional 18,010 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Melco Resorts & Entertainment by 69.3% in the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock worth $10,097,000 after purchasing an additional 784,403 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Melco Resorts & Entertainment by 16.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after purchasing an additional 846,504 shares during the period. Retireful LLC purchased a new position in Melco Resorts & Entertainment in the second quarter valued at approximately $92,000. Finally, DAVENPORT & Co LLC grew its holdings in Melco Resorts & Entertainment by 1.5% during the second quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock valued at $631,000 after purchasing an additional 1,300 shares during the period. Institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.