Melco Resorts & Entertainment (NASDAQ:MLCO) Research Coverage Started at Citigroup

Citigroup began coverage on shares of Melco Resorts & Entertainment (NASDAQ:MLCO) in a research note issued to investors on Monday, Marketbeat reports. The firm issued a buy rating and a $9.40 price target on the stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their price target for the company from $6.10 to $6.00 in a research note on Friday, July 10th. JPMorgan Chase & Co. dropped their price target on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Finally, Susquehanna set a $7.00 price target on shares of Melco Resorts & Entertainment in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.27.

Melco Resorts & Entertainment Stock Down 0.9%

Shares of MLCO opened at $4.20 on Monday. Melco Resorts & Entertainment has a 52-week low of $4.06 and a 52-week high of $9.53. The company has a market capitalization of $1.60 billion, a PE ratio of 7.00, a price-to-earnings-growth ratio of 3.27 and a beta of 0.49. The stock has a fifty day simple moving average of $4.93 and a two-hundred day simple moving average of $5.33.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.06 EPS for the quarter, hitting the consensus estimate of $0.06. The business 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%. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 EPS. As a group, equities analysts anticipate that Melco Resorts & Entertainment will post 0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

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