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

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCOGet Free Report) have earned a consensus rating of “Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $13.25.

MLCO has been the subject of several recent research reports. StockNews.com upgraded Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $8.30 to $9.60 in a research note on Monday, May 6th. Citigroup upped their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Bank of America upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and upped their target price for the stock from $7.50 to $10.40 in a research note on Wednesday, May 29th. Finally, Susquehanna cut their target price on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday, April 29th.

Get Our Latest Stock Report on MLCO

Melco Resorts & Entertainment Trading Up 0.2 %

Shares of MLCO stock opened at $8.12 on Friday. The stock has a market cap of $3.61 billion, a P/E ratio of -19.33, a price-to-earnings-growth ratio of 0.60 and a beta of 1.08. The stock has a 50 day simple moving average of $7.46 and a 200 day simple moving average of $7.83. Melco Resorts & Entertainment has a 1 year low of $6.10 and a 1 year high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCOGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, beating 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 firm’s revenue for the quarter was up 55.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.14) earnings per share. Analysts forecast that Melco Resorts & Entertainment will post 0.28 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MLCO. Capital Research Global Investors increased its holdings in shares of Melco Resorts & Entertainment by 22.6% during the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after buying an additional 3,958,998 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of Melco Resorts & Entertainment during the first quarter worth $15,963,000. ARGA Investment Management LP increased its holdings in shares of Melco Resorts & Entertainment by 6.1% during the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after buying an additional 1,695,442 shares in the last quarter. TORQ CAPITAL MANAGEMENT HK Ltd increased its holdings in shares of Melco Resorts & Entertainment by 268.5% during the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock worth $16,140,000 after buying an additional 1,325,878 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Melco Resorts & Entertainment by 92.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,216,700 shares of the company’s stock valued at $15,982,000 after purchasing an additional 1,066,600 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

(Get Free Report

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.

Further Reading

Analyst Recommendations for Melco Resorts & Entertainment (NASDAQ:MLCO)

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