Melco Resorts & Entertainment Limited to Post FY2024 Earnings of $0.35 Per Share, Seaport Res Ptn Forecasts (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Investment analysts at Seaport Res Ptn increased their FY2024 earnings per share (EPS) estimates for shares of Melco Resorts & Entertainment in a research report issued to clients and investors on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky now expects that the company will earn $0.35 per share for the year, up from their prior estimate of $0.28. The consensus estimate for Melco Resorts & Entertainment’s current full-year earnings is $0.30 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment’s FY2025 earnings at $0.68 EPS.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The firm’s quarterly revenue was up 55.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS.

Several other research firms also recently commented on MLCO. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Susquehanna cut their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a report on Monday, April 29th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $8.30 to $9.60 in a report on Monday, May 6th. Bank of America raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $7.50 to $10.40 in a report on Wednesday, May 29th. Finally, Citigroup lifted their price objective on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.26.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO stock opened at $7.46 on Thursday. Melco Resorts & Entertainment has a 52-week low of $6.10 and a 52-week high of $13.91. The firm has a market capitalization of $3.32 billion, a PE ratio of -17.76, a PEG ratio of 0.55 and a beta of 1.08. The stock has a fifty day simple moving average of $7.73 and a two-hundred day simple moving average of $7.89.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of large investors have recently modified their holdings of MLCO. GAMMA Investing LLC acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at about $37,000. Russell Investments Group Ltd. acquired a new position in Melco Resorts & Entertainment during the first quarter worth approximately $56,000. Pitcairn Co. acquired a new position in Melco Resorts & Entertainment during the first quarter worth approximately $80,000. FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment during the fourth quarter worth approximately $88,000. Finally, Greenleaf Trust purchased a new stake in Melco Resorts & Entertainment during the fourth quarter worth approximately $92,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Company Profile

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.