Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have received an average rating of “Moderate Buy” from the ten research firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $9.06.

Several equities analysts have recently commented on MLCO shares. UBS Group raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 target price on the stock in a research report on Monday, February 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. Texas Capital raised Melco Resorts & Entertainment to a “strong-buy” rating in a research report on Friday, January 23rd. Finally, Wall Street Zen raised Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Monday, May 11th.

Melco Resorts & Entertainment Trading Up 0.4%

Melco Resorts & Entertainment stock opened at $5.50 on Friday. Melco Resorts & Entertainment has a 12 month low of $5.22 and a 12 month high of $10.15. The stock’s 50 day moving average is $5.62 and its 200-day moving average is $6.78. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 9.48, a PEG ratio of 3.85 and a beta of 0.60.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of large investors have recently added to or reduced their stakes in the stock. Coronation Fund Managers Ltd. grew its position 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 in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Melco Resorts & Entertainment by 67.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock worth $84,352,000 after buying an additional 3,700,980 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Melco Resorts & Entertainment by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after buying an additional 846,504 shares in the last quarter. FIL Ltd acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth approximately $35,198,000. Finally, Renaissance Technologies LLC grew its position in Melco Resorts & Entertainment by 7.9% during the first quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock worth $25,342,000 after buying an additional 325,900 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.