Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 6.2% – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price was down 6.2% during trading on Friday . The company traded as low as $6.30 and last traded at $6.3160. Approximately 737,435 shares changed hands during trading, a decline of 50% from the average daily volume of 1,488,615 shares. The stock had previously closed at $6.73.

Analyst Ratings Changes

MLCO has been the subject of a number of research reports. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 27th. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.70 price objective (down previously from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday. Finally, Zacks Research downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.85.

Melco Resorts & Entertainment Trading Down 8.8%

The company’s 50 day simple moving average is $8.19 and its 200-day simple moving average is $8.63. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 23.60 and a beta of 0.66.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.10. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.28 billion. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share. Sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in shares of Melco Resorts & Entertainment by 11.1% during 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 period. Millennium Management LLC grew its stake in Melco Resorts & Entertainment by 69.3% during the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock valued at $10,097,000 after acquiring an additional 784,403 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after buying an additional 846,504 shares during the period. Retireful LLC acquired a new position in Melco Resorts & Entertainment in the 2nd quarter worth about $92,000. Finally, DAVENPORT & Co LLC lifted its stake in Melco Resorts & Entertainment by 1.5% in the second quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock valued at $631,000 after acquiring an additional 1,300 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment Company Profile

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.