Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 52-Week Low at $6.29

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $6.29 and last traded at $6.31, with a volume of 1454825 shares changing hands. The stock had previously closed at $6.40.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. StockNews.com upgraded Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Morgan Stanley reiterated an “equal weight” rating and issued a $9.60 price objective on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $14.78.

Melco Resorts & Entertainment Trading Down 1.3 %

The business’s fifty day simple moving average is $7.54 and its 200-day simple moving average is $7.97.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the firm earned ($0.51) EPS. The company’s revenue was up 224.4% compared to the same quarter last year. On average, equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of MLCO. GAMMA Investing LLC bought a new stake in Melco Resorts & Entertainment during the 4th quarter valued at $37,000. Sunbelt Securities Inc. bought a new stake in Melco Resorts & Entertainment during the 1st quarter valued at $57,000. Penserra Capital Management LLC increased its holdings in shares of Melco Resorts & Entertainment by 49.8% in the fourth quarter. Penserra Capital Management LLC now owns 5,754 shares of the company’s stock worth $66,000 after purchasing an additional 1,914 shares during the period. Commonwealth Equity Services LLC bought a new position in shares of Melco Resorts & Entertainment in the third quarter worth $70,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth $88,000. 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.