Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $9.82 Consensus Target Price from Analysts

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have earned a consensus recommendation of “Moderate Buy” from the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $9.82.

A number of brokerages have issued reports on MLCO. Bank of America lowered their price objective on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a research note on Monday, August 12th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $7.00 in a research note on Thursday, July 18th.

Melco Resorts & Entertainment Stock Up 2.1 %

NASDAQ MLCO opened at $5.97 on Friday. The stock’s 50 day moving average is $5.58 and its 200 day moving average is $6.78. The firm has a market capitalization of $2.66 billion, a PE ratio of -14.21, a P/E/G ratio of 0.91 and a beta of 1.03. Melco Resorts & Entertainment has a twelve month low of $4.78 and a twelve month high of $10.10.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the company posted ($0.02) EPS. Melco Resorts & Entertainment’s revenue for the quarter was up 22.3% compared to the same quarter last year. On average, research analysts anticipate that Melco Resorts & Entertainment will post 0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MLCO. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment in the 2nd quarter worth about $42,000. Blue Trust Inc. raised its holdings in shares of Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after purchasing an additional 5,191 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Melco Resorts & Entertainment during the first quarter valued at approximately $56,000. Headlands Technologies LLC purchased a new stake in Melco Resorts & Entertainment in the second quarter worth approximately $56,000. Finally, Pitcairn Co. bought a new stake in Melco Resorts & Entertainment in the 1st quarter worth approximately $80,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.