Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $8.15 Consensus Target Price from Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been assigned an average rating of “Hold” from the nine brokerages that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $8.15.

A number of equities analysts recently weighed in on MLCO shares. Zacks Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Friday, September 26th. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Citigroup boosted their price target on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a research report on Friday, August 1st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Saturday.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of MLCO. GAMMA Investing LLC lifted its holdings in shares of Melco Resorts & Entertainment by 88.1% in the first quarter. GAMMA Investing LLC now owns 14,171 shares of the company’s stock worth $75,000 after buying an additional 6,638 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in shares of Melco Resorts & Entertainment by 5.9% in the first quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company’s stock worth $453,000 after buying an additional 4,815 shares in the last quarter. ARGA Investment Management LP lifted its holdings in shares of Melco Resorts & Entertainment by 0.4% in the first quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company’s stock worth $156,840,000 after buying an additional 108,529 shares in the last quarter. Brown Advisory Inc. purchased a new stake in shares of Melco Resorts & Entertainment in the first quarter worth about $53,000. Finally, Bleakley Financial Group LLC lifted its holdings in shares of Melco Resorts & Entertainment by 69.0% in the first quarter. Bleakley Financial Group LLC now owns 125,736 shares of the company’s stock worth $663,000 after buying an additional 51,327 shares in the last quarter. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ:MLCO opened at $8.32 on Wednesday. The company’s 50-day moving average is $9.11 and its 200 day moving average is $7.69. The company has a market capitalization of $3.49 billion, a P/E ratio of 64.00 and a beta of 0.71. Melco Resorts & Entertainment has a fifty-two week low of $4.55 and a fifty-two week high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.14. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.20 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. As a group, research analysts predict that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

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.