Melco Resorts & Entertainment (NASDAQ:MLCO) PT Lowered to $8.50

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price lowered by research analysts at Bank of America from $10.40 to $8.50 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 28.01% from the company’s current price.

Several other research firms have also commented on MLCO. Susquehanna reduced their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a report on Monday, April 29th. Citigroup increased their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Finally, Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $8.30 to $9.60 in a research report on Monday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.88.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock opened at $6.64 on Thursday. Melco Resorts & Entertainment has a fifty-two week low of $6.10 and a fifty-two week high of $13.91. The company has a market capitalization of $2.96 billion, a PE ratio of -15.81, a P/E/G ratio of 0.45 and a beta of 1.04. The company has a 50 day moving average price of $7.79 and a 200-day moving average price of $7.76.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.02. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The business’s revenue for the quarter was up 55.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.14) EPS. On average, analysts forecast that Melco Resorts & Entertainment will post 0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC purchased a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth about $37,000. Russell Investments Group Ltd. acquired a new position in Melco Resorts & Entertainment during the 1st quarter valued at approximately $56,000. FNY Investment Advisers LLC purchased a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth $88,000. Greenleaf Trust acquired a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth $92,000. Finally, Quadrant Capital Group LLC grew its holdings in shares of Melco Resorts & Entertainment by 15.4% during the fourth quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock valued at $92,000 after buying an additional 1,386 shares during the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

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.