Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Expected to Earn Q2 2024 Earnings of $0.08 Per Share

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Equities researchers at Seaport Res Ptn issued their Q2 2024 EPS estimates for shares of Melco Resorts & Entertainment in a research report issued to clients and investors on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky anticipates that the company will post earnings of $0.08 per share for the quarter. The consensus estimate for Melco Resorts & Entertainment’s current full-year earnings is $0.30 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment’s Q3 2024 earnings at $0.10 EPS and Q4 2024 earnings at $0.13 EPS.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Melco Resorts & Entertainment’s revenue was up 55.2% on a year-over-year basis.

Other analysts have also recently issued reports about the stock. Citigroup raised 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. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Bank of America upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.50 to $10.40 in a research note on Wednesday, May 29th. Susquehanna decreased their price target on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday, April 29th. Finally, Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $8.30 to $9.60 in a research note on Monday, May 6th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Moderate Buy” and an average target price of $12.26.

Melco Resorts & Entertainment Stock Down 3.4 %

Shares of MLCO stock opened at $7.65 on Friday. The stock’s 50-day moving average is $7.70 and its 200 day moving average is $7.89. Melco Resorts & Entertainment has a 1-year low of $6.10 and a 1-year high of $13.91.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently added to or reduced their stakes in MLCO. Janney Montgomery Scott LLC acquired a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth about $1,024,000. National Bank of Canada FI boosted its holdings in shares of Melco Resorts & Entertainment by 50,917.6% in the 4th quarter. National Bank of Canada FI now owns 761,693 shares of the company’s stock valued at $7,030,000 after acquiring an additional 760,200 shares during the last quarter. TORQ CAPITAL MANAGEMENT HK Ltd increased its stake in shares of Melco Resorts & Entertainment by 268.5% in the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock worth $16,140,000 after acquiring an additional 1,325,878 shares during the period. ARGA Investment Management LP raised its holdings in shares of Melco Resorts & Entertainment by 6.1% during the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Melco Resorts & Entertainment by 6.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock valued at $50,696,000 after purchasing an additional 366,031 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.