Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 1-Year Low – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $4.98 and last traded at $4.9950, with a volume of 159487 shares changing hands. The stock had previously closed at $5.06.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MLCO shares. Morgan Stanley lowered Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Tuesday, August 18th. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and decreased their price target for the company from $6.10 to $6.00 in a research note on Friday, July 10th. JPMorgan Chase & Co. decreased their price target on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Finally, Citigroup lowered their price target on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $7.27.

Melco Resorts & Entertainment Stock Down 0.3%

The firm has a market capitalization of $1.92 billion, a P/E ratio of 8.42, a PEG ratio of 3.88 and a beta of 0.58. The firm has a 50 day moving average of $5.41 and a 200-day moving average of $5.54.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%.The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the company earned $0.04 EPS. As a group, research analysts expect that Melco Resorts & Entertainment Limited will post 0.42 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC raised its stake in Melco Resorts & Entertainment by 1,370.8% in the first quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock valued at $29,000 after purchasing an additional 4,702 shares in the last quarter. GAMMA Investing LLC grew its stake in Melco Resorts & Entertainment by 71.5% during the second quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock worth $40,000 after buying an additional 3,155 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $48,000. Hilton Head Capital Partners LLC bought a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $63,000. Finally, U S Global Investors Inc. acquired a new position in shares of Melco Resorts & Entertainment in the 1st quarter valued at approximately $68,000. Institutional investors own 39.62% of the company’s stock.

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.