Brokerages Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Price Target at $9.82

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have received a consensus rating of “Moderate Buy” from the five analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $9.82.

Several equities research analysts have recently commented on the stock. Bank of America reduced their price target on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a research report on Monday, August 12th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $7.00 in a report on Thursday, July 18th.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds have recently modified their holdings of MLCO. ARGA Investment Management LP lifted its stake in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after buying an additional 1,695,442 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Melco Resorts & Entertainment by 22.6% in the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock valued at $154,728,000 after acquiring an additional 3,958,998 shares in the last quarter. Eminence Capital LP boosted its stake in shares of Melco Resorts & Entertainment by 14.0% in the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after acquiring an additional 2,154,509 shares during the period. Coronation Fund Managers Ltd. grew its position in shares of Melco Resorts & Entertainment by 16.2% during the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock worth $115,636,000 after purchasing an additional 2,166,524 shares in the last quarter. Finally, Capital World Investors raised its stake in Melco Resorts & Entertainment by 3.2% during the 1st quarter. Capital World Investors now owns 13,464,508 shares of the company’s stock valued at $97,079,000 after purchasing an additional 412,025 shares during the period. 39.62% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment Trading Up 1.4 %

Shares of MLCO stock opened at $5.69 on Friday. Melco Resorts & Entertainment has a 12-month low of $4.78 and a 12-month high of $10.69. The stock has a market capitalization of $2.53 billion, a P/E ratio of -13.55, a P/E/G ratio of 0.91 and a beta of 1.03. The firm’s 50 day moving average is $5.65 and its 200 day moving average is $6.82.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter last year, the business earned ($0.02) earnings per share. The business’s quarterly revenue was up 22.3% on a year-over-year basis. As a group, equities analysts predict that Melco Resorts & Entertainment will post 0.2 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.