Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Stock Has Average Target Price of $7.27

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $7.27.

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a research report on Thursday, July 16th. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and reduced their target price for the company from $6.10 to $6.00 in a report on Friday, July 10th. Morgan Stanley cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. Susquehanna set a $7.00 price target on shares of Melco Resorts & Entertainment in a research note on Friday, August 14th. Finally, Wall Street Zen cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, June 28th.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of MLCO. Integrated Wealth Concepts LLC raised its stake in Melco Resorts & Entertainment by 24.0% in the second quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock valued at $82,000 after buying an additional 3,000 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Melco Resorts & Entertainment during the 2nd quarter worth about $73,000. Baron Wealth Management LLC acquired a new position in shares of Melco Resorts & Entertainment during the 2nd quarter worth about $95,000. GAMMA Investing LLC boosted its position in shares of Melco Resorts & Entertainment by 71.5% during the 2nd quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock worth $40,000 after acquiring an additional 3,155 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Melco Resorts & Entertainment by 1,370.8% during the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock worth $29,000 after acquiring an additional 4,702 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ MLCO opened at $4.23 on Wednesday. The stock’s 50-day moving average is $5.02 and its two-hundred day moving average is $5.36. Melco Resorts & Entertainment has a 1-year low of $4.06 and a 1-year high of $9.53. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 7.05, a price-to-earnings-growth ratio of 3.26 and a beta of 0.49.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.06. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%. Melco Resorts & Entertainment’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. Equities research analysts anticipate that Melco Resorts & Entertainment will post 0.41 earnings per share for the current fiscal year.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort properties that combine casino gaming with hotels, dining, retail, entertainment and convention facilities. The company serves leisure and business travelers through destination resorts in Asia and Europe.

In Macau, Melco operates City of Dreams, Studio City and Altira Macau, as well as the Mocha Clubs electronic gaming business. Its properties offer a range of gaming options, hotel accommodations, restaurants, shopping venues, live entertainment and other non-gaming amenities.

Melco also operates City of Dreams Mediterranean in Cyprus and related satellite casinos under the Cyprus Casinos brand.