Brokerages Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) PT at $8.47

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has earned a consensus recommendation of “Hold” from the ten ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $8.4667.

A number of research analysts have commented on the stock. CICC Research upgraded shares of Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. CLSA lowered shares of Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price objective for the company. in a report on Friday, June 5th. Morgan Stanley cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Finally, Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, June 28th.

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock opened at $5.39 on Monday. Melco Resorts & Entertainment has a 12 month low of $5.07 and a 12 month high of $10.15. The firm has a market cap of $2.09 billion, a PE ratio of 9.29, a price-to-earnings-growth ratio of 3.37 and a beta of 0.59. The stock has a 50 day moving average of $5.51 and a 200-day moving average of $6.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in shares of Melco Resorts & Entertainment by 243.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,551 shares of the company’s stock worth $1,546,000 after acquiring an additional 119,449 shares in the last quarter. Capital Wealth Planning LLC bought a new stake in shares of Melco Resorts & Entertainment in the third quarter worth $4,136,000. Quantbot Technologies LP acquired a new position in Melco Resorts & Entertainment during the third quarter worth $1,750,000. Clough Capital Partners L P bought a new position in Melco Resorts & Entertainment in the third quarter valued at $8,739,000. Finally, Coronation Fund Managers Ltd. boosted its position in Melco Resorts & Entertainment by 2.9% during the fourth quarter. Coronation Fund Managers Ltd. now owns 8,335,219 shares of the company’s stock valued at $63,098,000 after purchasing an additional 231,305 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors.

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.