Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Lowered to $8.50 at Bank of America

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price target reduced by Bank of America from $10.40 to $8.50 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

MLCO has been the topic of a number of other reports. StockNews.com raised shares of Melco Resorts & Entertainment from a sell rating to a hold rating in a research report on Friday, April 5th. Susquehanna reduced their target price on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a positive rating on the stock in a research report on Monday, April 29th. Citigroup upped their target price on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an equal weight rating to an overweight rating and upped their target price for the stock from $8.30 to $9.60 in a research report on Monday, May 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment has an average rating of Moderate Buy and an average price target of $11.88.

Melco Resorts & Entertainment Stock Up 2.8 %

Shares of NASDAQ MLCO opened at $6.68 on Thursday. Melco Resorts & Entertainment has a 52 week low of $6.10 and a 52 week high of $13.91. The firm’s fifty day moving average is $7.81 and its 200 day moving average is $7.78. The company has a market cap of $2.97 billion, a price-to-earnings ratio of -15.90, a PEG ratio of 0.45 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 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The firm’s revenue for the quarter was up 55.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.14) earnings per share. Equities research analysts anticipate that Melco Resorts & Entertainment will post 0.3 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds have recently bought and sold shares of the company. Simplicity Wealth LLC boosted its stake in Melco Resorts & Entertainment by 6.1% in the 2nd quarter. Simplicity Wealth LLC now owns 281,247 shares of the company’s stock worth $2,098,000 after purchasing an additional 16,258 shares in the last quarter. Cetera Advisors LLC bought a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $196,000. Virtu Financial LLC bought a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $172,000. California State Teachers Retirement System lifted its stake in Melco Resorts & Entertainment by 10.1% during the 1st quarter. California State Teachers Retirement System now owns 239,056 shares of the company’s stock valued at $1,724,000 after acquiring an additional 21,945 shares during the period. Finally, Invenomic Capital Management LP purchased a new position in shares of Melco Resorts & Entertainment in the first quarter worth approximately $15,963,000. Institutional investors own 39.62% of the company’s stock.

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.