Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $8.47 Consensus Price Target from Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given a consensus rating of “Hold” by the ten analysts that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $8.4667.

A number of research firms recently commented on MLCO. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Wall Street Zen lowered Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. CLSA lowered Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price objective on the stock. in a research report on Friday, June 5th. Finally, CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MLCO. Parallel Advisors LLC boosted its stake in shares of Melco Resorts & Entertainment by 1,370.8% in the 1st 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. Kestra Advisory Services LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter worth $48,000. Quarry LP purchased a new stake in Melco Resorts & Entertainment during the third quarter valued at about $68,000. Hilton Head Capital Partners LLC bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at about $63,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Melco Resorts & Entertainment during the second quarter valued at about $71,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $5.39 on Monday. The company’s fifty day moving average price is $5.51 and its 200-day moving average price is $5.99. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 3.37 and a beta of 0.59. Melco Resorts & Entertainment has a one year low of $5.07 and a one year high of $10.15.

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.