Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Free Report) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $5.07 and last traded at $5.08, with a volume of 863090 shares. The stock had previously closed at $5.32.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a research report on Thursday, July 16th. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and reduced their price target for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Wall Street Zen cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. Finally, Susquehanna set a $7.00 target price on shares of Melco Resorts & Entertainment in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and an average price target of $7.27.
Read Our Latest Report on Melco Resorts & Entertainment
Melco Resorts & Entertainment Trading Down 0.2%
Melco Resorts & Entertainment (NASDAQ:MLCO – Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%.The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 EPS. Equities analysts predict that Melco Resorts & Entertainment Limited will post 0.43 EPS for the current fiscal year.
Hedge Funds Weigh In On Melco Resorts & Entertainment
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. increased its holdings in Melco Resorts & Entertainment by 8.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock valued at $123,000 after acquiring an additional 1,295 shares during the last quarter. Orion Porfolio Solutions LLC boosted its holdings in shares of Melco Resorts & Entertainment by 15.5% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock valued at $98,000 after purchasing an additional 1,819 shares during the last quarter. Fox Run Management L.L.C. grew its position in shares of Melco Resorts & Entertainment by 5.1% during the fourth quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock valued at $350,000 after purchasing an additional 2,256 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Melco Resorts & Entertainment by 0.9% during the third quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock valued at $2,380,000 after purchasing an additional 2,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Melco Resorts & Entertainment by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock worth $525,000 after purchasing an additional 2,444 shares during the last quarter. Institutional investors 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 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.
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