Melco Resorts & Entertainment (NASDAQ:MLCO) Downgraded to Neutral Rating by Citigroup

Citigroup downgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat reports. Citigroup currently has $6.00 target price on the stock, down from their previous target price of $10.00.

Several other research firms have also recently issued reports on MLCO. Susquehanna lowered their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, February 3rd. Morgan Stanley restated an “equal weight” rating and issued a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.40.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $5.31 on Monday. The stock has a market capitalization of $2.23 billion, a PE ratio of -24.14, a P/E/G ratio of 0.55 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. The company has a fifty day moving average of $5.91 and a two-hundred day moving average of $6.14.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MLCO. ARGA Investment Management LP grew its position in shares of Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after purchasing an additional 456,117 shares in the last quarter. Coronation Fund Managers Ltd. boosted its stake in Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock worth $101,835,000 after buying an additional 1,705,872 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Melco Resorts & Entertainment by 57.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock valued at $5,107,000 after buying an additional 238,884 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Melco Resorts & Entertainment by 88.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock worth $2,963,000 after acquiring an additional 178,993 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Melco Resorts & Entertainment by 47.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company’s stock worth $2,045,000 after acquiring an additional 113,328 shares during the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.