Analysts Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Price Target at $9.00

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have received an average recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $9.00.

A number of equities analysts have weighed in on MLCO shares. Susquehanna lowered their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Morgan Stanley reissued an “equal weight” rating and set a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets grew its stake in shares of Melco Resorts & Entertainment by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock valued at $5,107,000 after acquiring an additional 238,884 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Melco Resorts & Entertainment by 124.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after purchasing an additional 133,086 shares during the period. Coronation Fund Managers Ltd. grew its position in shares of Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock worth $101,835,000 after purchasing an additional 1,705,872 shares in the last quarter. Thrivent Financial for Lutherans bought a new position in shares of Melco Resorts & Entertainment during the third quarter worth approximately $720,000. Finally, Verition Fund Management LLC bought a new position in shares of Melco Resorts & Entertainment during the third quarter worth approximately $858,000. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $5.52 on Wednesday. The company’s 50-day moving average is $5.94 and its 200-day moving average is $6.14. The firm has a market capitalization of $2.32 billion, a PE ratio of -25.09, a P/E/G ratio of 0.61 and a beta of 1.04. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $9.39.

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.