Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Average Rating of “Hold” from Brokerages

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $8.40.

A number of brokerages have issued reports on MLCO. Wall Street Zen raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Zacks Research downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. upped their target price on Melco Resorts & Entertainment from $10.50 to $11.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Finally, Susquehanna raised their price target on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a “positive” rating in a research report on Wednesday, July 30th.

Melco Resorts & Entertainment Stock Up 0.7%

NASDAQ:MLCO opened at $9.06 on Friday. Melco Resorts & Entertainment has a fifty-two week low of $4.55 and a fifty-two week high of $10.15. The stock has a market cap of $3.80 billion, a PE ratio of 69.70 and a beta of 0.70. The firm’s fifty day simple moving average is $8.79 and its 200-day simple moving average is $8.07.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.11 by $0.10. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.06 earnings per share. Equities analysts anticipate that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in Melco Resorts & Entertainment during the first quarter worth approximately $31,946,000. Arrowstreet Capital Limited Partnership raised its holdings in Melco Resorts & Entertainment by 1,819.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock valued at $39,748,000 after acquiring an additional 5,211,263 shares during the last quarter. WCM Investment Management LLC purchased a new position in shares of Melco Resorts & Entertainment during the 3rd quarter worth $35,665,000. Brightlight Capital Management LP acquired a new stake in shares of Melco Resorts & Entertainment during the first quarter worth $15,141,000. Finally, Balyasny Asset Management L.P. grew its position in shares of Melco Resorts & Entertainment by 526.0% in the second quarter. Balyasny Asset Management L.P. now owns 1,537,034 shares of the company’s stock valued at $11,113,000 after purchasing an additional 1,291,495 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.