Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Rating Cut to “Neutral” at Susquehanna

Susquehanna lowered shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a positive rating to a neutral rating in a report released on Thursday morning, MarketBeat Ratings reports. Susquehanna currently has $4.00 target price on the stock, down from their previous target price of $5.00.

A number of other equities analysts have also weighed in on the stock. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their price target for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. Citigroup started coverage on shares of Melco Resorts & Entertainment in a research report on Monday, October 12th. They set a “buy” rating and a $9.40 price objective on the stock. Piper Sandler set a $5.50 target price on shares of Melco Resorts & Entertainment in a research note on Friday, October 16th. Capital One Financial set a $5.50 target price on shares of Melco Resorts & Entertainment in a research note on Friday, October 16th. Finally, CICC Research downgraded shares of Melco Resorts & Entertainment from an “outperform” rating to a “market perform” rating in a report on Sunday, October 18th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Hold” and a consensus target price of $6.45.

Melco Resorts & Entertainment Stock Down 3.2%

MLCO stock opened at $4.56 on Thursday. The business’s 50-day moving average price is $4.49 and its 200-day moving average price is $5.36. The stock has a market cap of $1.73 billion, a P/E ratio of 11.12, a PEG ratio of 3.63 and a beta of 0.49. Melco Resorts & Entertainment has a twelve month low of $3.67 and a twelve month high of $9.53.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Wednesday, November 4th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.05. Melco Resorts & Entertainment had a net margin of 3.15% and a negative return on equity of 15.89%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the firm posted $0.21 EPS. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. On average, equities research analysts expect that Melco Resorts & Entertainment will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in shares of Melco Resorts & Entertainment by 255.6% during the third quarter. Parallel Advisors LLC now owns 8,453 shares of the company’s stock worth $38,000 after acquiring an additional 6,076 shares during the last quarter. Leo Wealth LLC purchased a new position in Melco Resorts & Entertainment during the third quarter valued at $54,000. Signaturefd LLC grew its stake in Melco Resorts & Entertainment by 30.4% during the third quarter. Signaturefd LLC now owns 15,108 shares of the company’s stock valued at $68,000 after acquiring an additional 3,526 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in Melco Resorts & Entertainment by 24.0% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock valued at $82,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $73,000. 39.62% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment News Roundup

Here are the key news stories impacting Melco Resorts & Entertainment this week:

• Positive Sentiment: Melco reported quarterly earnings of $0.02 per share, beating analysts’ consensus estimate of a $0.03 loss. The earnings surprise was cited as a reason shares rose after the results. Melco shares rise after Q3 earnings beat
• Negative Sentiment: Revenue was $1.17 billion, below the $1.21 billion analyst estimate and down 10.4% year over year. Earnings also fell from $0.21 per share a year earlier, highlighting continued softness despite the consensus beat. Melco revenue falls 10% in third quarter
• Negative Sentiment: Susquehanna cut its rating on MLCO from “positive” to “neutral” and lowered its price target from $5 to $4, signaling reduced confidence in the shares. Susquehanna rating and price target

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality, entertainment, dining, retail and convention services. The company’s properties combine casinos with luxury hotels, restaurants, shopping areas, theaters and other leisure attractions.

Melco operates several major resorts in Macau, including City of Dreams, Altira Macau and Studio City. Its Macau operations also include the Mocha Clubs electronic gaming-machine business.