Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Stock Has Average Price Target of $6.83

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have earned an average rating of “Hold” from the nine research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $6.45.

Several analysts have commented on MLCO shares. Capital One Financial set a $5.50 price target on Melco Resorts & Entertainment in a report on Friday, October 16th. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Tuesday, August 18th. Susquehanna downgraded shares of Melco Resorts & Entertainment from a “positive” rating to a “neutral” rating and decreased their price objective for the stock from $5.00 to $4.00 in a report on Thursday. JPMorgan Chase & Co. cut their target price on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Finally, Piper Sandler set a $5.50 price objective on Melco Resorts & Entertainment in a research note on Friday, October 16th.

Key Headlines Impacting Melco Resorts & Entertainment

Here are the key news stories impacting Melco Resorts & Entertainment this week:

• Positive Sentiment: Melco reported quarterly earnings of $0.02 per share, beating analysts’ consensus estimate of a $0.03 loss. The earnings surprise was cited as a reason shares rose after the results. Melco shares rise after Q3 earnings beat
• Negative Sentiment: Revenue was $1.17 billion, below the $1.21 billion analyst estimate and down 10.4% year over year. Earnings also fell from $0.21 per share a year earlier, highlighting continued softness despite the consensus beat. Melco revenue falls 10% in third quarter
• Negative Sentiment: Susquehanna cut its rating on MLCO from “positive” to “neutral” and lowered its price target from $5 to $4, signaling reduced confidence in the shares. Susquehanna rating and price target

Melco Resorts & Entertainment Trading Down 3.2%

Shares of MLCO stock opened at $4.56 on Friday. The stock has a 50 day simple moving average of $4.49 and a 200-day simple moving average of $5.36. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 3.63 and a beta of 0.49. Melco Resorts & Entertainment has a 12-month low of $3.67 and a 12-month high of $9.53.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Wednesday, November 4th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. Melco Resorts & Entertainment had a negative return on equity of 15.89% and a net margin of 3.15%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the business earned $0.21 earnings per share. Melco Resorts & Entertainment’s quarterly revenue was down 10.4% compared to the same quarter last year. On average, equities analysts forecast that Melco Resorts & Entertainment will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MLCO. Coronation Fund Managers Ltd. boosted its holdings in Melco Resorts & Entertainment by 35.2% during the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after buying an additional 2,934,127 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Melco Resorts & Entertainment by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock valued at $25,342,000 after purchasing an additional 325,900 shares during the period. Bank of America Corp DE boosted its stake in shares of Melco Resorts & Entertainment by 177.7% in the first quarter. Bank of America Corp DE now owns 890,787 shares of the company’s stock valued at $5,060,000 after buying an additional 570,060 shares during the period. Bleakley Financial Group LLC boosted its position in shares of Melco Resorts & Entertainment by 29.8% during the 1st quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company’s stock worth $2,621,000 after acquiring an additional 105,887 shares in the last quarter. Finally, Capula Management Ltd bought a new position in shares of Melco Resorts & Entertainment in the 1st quarter valued at $1,326,000. Institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality, entertainment, dining, retail and convention services. The company’s properties combine casinos with luxury hotels, restaurants, shopping areas, theaters and other leisure attractions.

Melco operates several major resorts in Macau, including City of Dreams, Altira Macau and Studio City. Its Macau operations also include the Mocha Clubs electronic gaming-machine business.