Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $7.85 Consensus Target Price from Analysts

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has earned a consensus rating of “Hold” from the ten brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $7.85.

MLCO has been the topic of several research analyst reports. Wall Street Zen downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Zacks Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.70 target price (down previously from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd.

Melco Resorts & Entertainment Trading Down 1.6%

Shares of Melco Resorts & Entertainment stock opened at $6.07 on Friday. The business’s fifty day simple moving average is $7.38 and its 200 day simple moving average is $8.38. Melco Resorts & Entertainment has a 12 month low of $4.55 and a 12 month high of $10.15. The firm has a market capitalization of $2.55 billion, a P/E ratio of 23.35 and a beta of 0.63.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, November 6th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.10. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. Analysts predict that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Large investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its stake in Melco Resorts & Entertainment by 1,819.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after purchasing an additional 5,211,263 shares in the last quarter. WCM Investment Management LLC bought a new position in shares of Melco Resorts & Entertainment in the third quarter worth $35,665,000. National Bank of Canada FI raised its position in shares of Melco Resorts & Entertainment by 71,281.5% in the third quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after buying an additional 2,203,311 shares in the last quarter. Balyasny Asset Management L.P. grew its position in Melco Resorts & Entertainment by 526.0% during the second quarter. Balyasny Asset Management L.P. now owns 1,537,034 shares of the company’s stock worth $11,113,000 after buying an additional 1,291,495 shares in the last quarter. Finally, Man Group plc bought a new stake in shares of Melco Resorts & Entertainment during the 3rd quarter valued at about $11,095,000. 39.62% of the stock is currently owned by institutional investors.

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.