Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $8.67 Consensus PT from Analysts

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $9.06.

MLCO has been the subject of a number of research reports. Wall Street Zen cut Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Texas Capital upgraded Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. UBS Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Monday, February 16th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock opened at $6.10 on Tuesday. The company has a market capitalization of $2.38 billion, a PE ratio of 13.26 and a beta of 0.58. Melco Resorts & Entertainment has a fifty-two week low of $4.55 and a fifty-two week high of $10.15. The firm has a 50 day moving average price of $6.51 and a 200 day moving average price of $8.03.

Institutional Trading of Melco Resorts & Entertainment

A number of large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership boosted its holdings in Melco Resorts & Entertainment by 67.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after purchasing an additional 3,700,980 shares during the period. Coronation Fund Managers Ltd. raised its position in Melco Resorts & Entertainment by 2.9% in the 4th 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 in the last quarter. Goldman Sachs Group Inc. boosted its stake 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 valued at $31,700,000 after buying an additional 846,504 shares during the period. FIL Ltd acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth about $35,198,000. Finally, Balyasny Asset Management L.P. raised its stake in Melco Resorts & Entertainment by 257.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after buying an additional 2,784,251 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.