Cetera Investment Advisers Purchases 8,507 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Cetera Investment Advisers grew its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 5.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 169,277 shares of the company’s stock after buying an additional 8,507 shares during the period. Cetera Investment Advisers’ holdings in Melco Resorts & Entertainment were worth $1,263,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $42,000. Blue Trust Inc. increased its stake in shares of Melco Resorts & Entertainment by 243.4% in the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after buying an additional 5,191 shares during the period. Headlands Technologies LLC bought a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter valued at about $56,000. Russell Investments Group Ltd. bought a new stake in shares of Melco Resorts & Entertainment during the 1st quarter valued at about $56,000. Finally, Pitcairn Co. bought a new stake in shares of Melco Resorts & Entertainment during the 1st quarter valued at about $80,000. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $7.50 on Thursday. The stock’s 50-day moving average is $6.22 and its 200 day moving average is $6.83. The company has a market cap of $3.34 billion, a PE ratio of -17.86, a P/E/G ratio of 1.31 and a beta of 1.06. Melco Resorts & Entertainment Limited has a 1 year low of $4.78 and a 1 year high of $9.56.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The business’s revenue was up 22.3% compared to the same quarter last year. During the same period last year, the company posted ($0.02) earnings per share. Analysts expect that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MLCO has been the topic of several recent research reports. Bank of America cut their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $9.82.

Melco Resorts & Entertainment 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.