FY2024 Earnings Estimate for MLCO Issued By Seaport Res Ptn

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Analysts at Seaport Res Ptn decreased their FY2024 earnings per share estimates for Melco Resorts & Entertainment in a report issued on Tuesday, November 5th. Seaport Res Ptn analyst V. Umansky now forecasts that the company will earn $0.21 per share for the year, down from their previous forecast of $0.29. The consensus estimate for Melco Resorts & Entertainment’s current full-year earnings is $0.21 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment’s Q4 2024 earnings at $0.07 EPS and FY2025 earnings at $0.47 EPS.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and cut their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Bank of America reduced their price target on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Trading Up 5.2 %

NASDAQ MLCO opened at $7.12 on Thursday. Melco Resorts & Entertainment has a 12 month low of $4.78 and a 12 month high of $9.56. The company has a market capitalization of $3.16 billion, a PE ratio of -22.25, a P/E/G ratio of 0.79 and a beta of 1.07. The stock has a 50-day simple moving average of $6.69 and a 200 day simple moving average of $6.81.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The firm’s quarterly revenue was up 22.3% compared to the same quarter last year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in MLCO. Eminence Capital LP lifted its position in shares of Melco Resorts & Entertainment by 14.0% in the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after buying an additional 2,154,509 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Melco Resorts & Entertainment during the 1st quarter valued at $1,319,000. NWI Management LP boosted its holdings in shares of Melco Resorts & Entertainment by 13.7% during the 1st quarter. NWI Management LP now owns 915,000 shares of the company’s stock worth $6,597,000 after buying an additional 110,000 shares during the period. Point72 Asset Management L.P. acquired a new position in Melco Resorts & Entertainment in the 2nd quarter valued at about $2,914,000. Finally, Coronation Fund Managers Ltd. raised its holdings in Melco Resorts & Entertainment by 15.0% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after acquiring an additional 1,705,872 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.