Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $12.26 Average Target Price from Brokerages

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been assigned an average rating of “Buy” from the five ratings firms that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $12.26.

Several equities analysts recently issued reports on the stock. Bank of America raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the company from $7.50 to $10.40 in a report on Wednesday, May 29th. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $8.30 to $9.60 in a report on Monday, May 6th. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a report on Monday, April 29th. Finally, Citigroup lifted their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a report on Wednesday, May 1st.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $7.23 on Tuesday. The firm’s 50-day simple moving average is $7.80 and its 200-day simple moving average is $7.85. Melco Resorts & Entertainment has a twelve month low of $6.10 and a twelve month high of $13.91. The firm has a market cap of $3.22 billion, a P/E ratio of -17.21, a price-to-earnings-growth ratio of 0.48 and a beta of 1.04.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business earned ($0.14) EPS. The firm’s revenue was up 55.2% on a year-over-year basis. On average, equities analysts forecast that Melco Resorts & Entertainment will post 0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC bought a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $37,000. Russell Investments Group Ltd. bought a new stake in shares of Melco Resorts & Entertainment during the first quarter worth approximately $56,000. Pitcairn Co. bought a new stake in shares of Melco Resorts & Entertainment during the first quarter worth approximately $80,000. FNY Investment Advisers LLC bought a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $88,000. Finally, Greenleaf Trust bought a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $92,000. 39.62% of the stock is owned by institutional investors.

About Melco Resorts & Entertainment

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.