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 recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $9.82.

MLCO has been the topic of a number of analyst reports. Bank of America decreased their target price on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. lowered shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $7.00 in a report on Thursday, July 18th.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new position in Melco Resorts & Entertainment in the 2nd quarter worth approximately $42,000. Blue Trust Inc. boosted its stake in shares of Melco Resorts & Entertainment by 243.4% in the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after purchasing an additional 5,191 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 2nd quarter valued at $56,000. Russell Investments Group Ltd. purchased a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at $56,000. Finally, Ballentine Partners LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $81,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Down 4.1 %

Shares of MLCO stock opened at $6.83 on Monday. Melco Resorts & Entertainment has a 52 week low of $4.78 and a 52 week high of $9.56. The firm’s 50-day simple moving average is $6.72 and its two-hundred day simple moving average is $6.83.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm earned ($0.02) EPS. The business’s revenue for the quarter was up 22.3% on a year-over-year basis. Research analysts expect that Melco Resorts & Entertainment will post 0.17 earnings per share for the current year.

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.