Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Average Rating of “Buy” from Brokerages

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been assigned an average rating of “Buy” from the five ratings firms that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued a report on the stock in the last year is $12.26.

MLCO has been the subject of several recent research reports. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $8.30 to $9.60 in a research note on Monday, May 6th. Citigroup raised their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Bank of America raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and raised their target price for the stock from $7.50 to $10.40 in a research note on Wednesday, May 29th. Finally, Susquehanna cut their target price 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.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $7.02 on Tuesday. The business has a fifty day moving average price of $7.74 and a 200 day moving average price of $7.87. Melco Resorts & Entertainment has a one year low of $6.10 and a one year high of $13.91. The company has a market cap of $3.12 billion, a P/E ratio of -16.71, a P/E/G ratio of 0.52 and a beta of 1.08.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the company earned ($0.14) EPS. The firm’s revenue was up 55.2% compared to the same quarter last year. As a group, sell-side analysts predict that Melco Resorts & Entertainment will post 0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC purchased a new position in shares of Melco Resorts & Entertainment during the 4th quarter worth $37,000. Russell Investments Group Ltd. purchased a new position in shares of Melco Resorts & Entertainment during the 1st quarter worth $56,000. FNY Investment Advisers LLC purchased a new position in shares of Melco Resorts & Entertainment during the 4th quarter worth $88,000. Greenleaf Trust purchased a new position in shares of Melco Resorts & Entertainment during the 4th quarter worth $92,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of Melco Resorts & Entertainment by 15.4% during the 4th quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock worth $92,000 after purchasing an additional 1,386 shares during the period. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.