Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Consensus Recommendation of “Moderate Buy” from Analysts

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

Several equities research analysts recently weighed in on the stock. Citigroup downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Susquehanna cut their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Finally, Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd.

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock opened at $5.38 on Thursday. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -24.45, a price-to-earnings-growth ratio of 0.63 and a beta of 1.02. The business has a 50-day moving average of $5.67 and a 200 day moving average of $6.20. Melco Resorts & Entertainment has a 12 month low of $4.78 and a 12 month high of $8.90.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans purchased a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $720,000. Charles Schwab Investment Management Inc. boosted its holdings in Melco Resorts & Entertainment by 124.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after purchasing an additional 133,086 shares in the last quarter. Quantbot Technologies LP purchased a new position in Melco Resorts & Entertainment in the third quarter valued at approximately $207,000. BNP Paribas Financial Markets raised its holdings in Melco Resorts & Entertainment by 57.3% during the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock worth $5,107,000 after purchasing an additional 238,884 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Melco Resorts & Entertainment by 12.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock worth $437,000 after purchasing an additional 6,148 shares in the last quarter. Institutional investors and hedge funds 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.