Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped down prior to trading on Monday . The stock had previously closed at $7.89, but opened at $7.48. Melco Resorts & Entertainment shares last traded at $7.75, with a volume of 621,023 shares changing hands.

Wall Street Analyst Weigh In

MLCO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $7.00 in a report on Thursday, July 18th. Bank of America reduced their price objective on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.82.

Melco Resorts & Entertainment Stock Down 3.9 %

The company has a market cap of $3.37 billion, a price-to-earnings ratio of -18.33, a PEG ratio of 1.31 and a beta of 1.06. The company’s fifty day moving average price is $6.09 and its two-hundred day moving average price is $6.82.

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 analysts’ consensus estimates of $0.10 by ($0.05). The firm 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 for the quarter was up 22.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.02) earnings per share. On average, equities research analysts predict that Melco Resorts & Entertainment Limited will post 0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently made changes to their positions in the business. Bleakley Financial Group LLC grew its position in Melco Resorts & Entertainment by 1.1% in the first quarter. Bleakley Financial Group LLC now owns 264,989 shares of the company’s stock valued at $1,911,000 after purchasing an additional 2,961 shares in the last quarter. Creative Planning grew its holdings in shares of Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after acquiring an additional 4,220 shares in the last quarter. Blue Trust Inc. increased its position 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 acquiring an additional 5,191 shares during the last quarter. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment during the second quarter worth about $42,000. Finally, Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment during the second quarter valued at approximately $56,000. 39.62% of the stock is owned by institutional investors.

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.