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

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have received a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $9.40.

Separately, Morgan Stanley reaffirmed an “equal weight” rating and set a $7.50 price target (down previously from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several large investors have recently made changes to their positions in MLCO. Eminence Capital LP increased its holdings in shares of Melco Resorts & Entertainment by 14.0% in the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after buying an additional 2,154,509 shares during the last quarter. Coronation Fund Managers Ltd. boosted its stake in shares of 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 valued at $101,835,000 after purchasing an additional 1,705,872 shares during the period. Point72 Asset Management L.P. bought a new stake in Melco Resorts & Entertainment in the 2nd quarter worth $2,914,000. Sei Investments Co. grew its stake in shares of Melco Resorts & Entertainment by 173.2% in the second quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after purchasing an additional 381,653 shares during the last quarter. Finally, Solel Partners LP increased its stake in shares of Melco Resorts & Entertainment by 34.2% during the second quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock valued at $9,907,000 after buying an additional 338,700 shares during the period. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $5.43 on Friday. The firm has a market cap of $2.28 billion, a PE ratio of -24.68, a P/E/G ratio of 0.98 and a beta of 1.05. The business’s 50 day simple moving average is $6.25 and its 200 day simple moving average is $6.33. Melco Resorts & Entertainment has a 52-week low of $4.78 and a 52-week high of $9.39.

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.