Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $7.40 Average PT from Analysts

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have received an average rating of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $7.24.

MLCO has been the topic of several recent research reports. Citigroup cut Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $6.00 in a report on Monday, February 10th. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, Susquehanna decreased 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.

Melco Resorts & Entertainment Trading Down 1.9 %

NASDAQ MLCO opened at $5.64 on Friday. The stock’s 50 day moving average is $5.68 and its 200 day moving average is $6.18. Melco Resorts & Entertainment has a 12 month low of $4.78 and a 12 month high of $8.90. The stock has a market cap of $2.37 billion, a PE ratio of -25.64, a P/E/G ratio of 0.63 and a beta of 1.02.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of MLCO. Arrowstreet Capital Limited Partnership purchased a new stake in Melco Resorts & Entertainment during the 4th quarter valued at $28,989,000. Coronation Fund Managers Ltd. raised its holdings in 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 valued at $101,835,000 after buying an additional 1,705,872 shares during the period. Eminence Capital LP raised its holdings in Melco Resorts & Entertainment by 22.1% during the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company’s stock valued at $44,791,000 after buying an additional 1,402,619 shares during the period. BNP Paribas Financial Markets raised its holdings in Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company’s stock valued at $11,633,000 after buying an additional 1,353,617 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Melco Resorts & Entertainment by 1,240.2% in the 4th quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock valued at $7,771,000 after acquiring an additional 1,241,986 shares during the last quarter. Hedge funds and other 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.