Melco Resorts & Entertainment (NASDAQ:MLCO) Given “Neutral” Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their neutral rating on shares of Melco Resorts & Entertainment (NASDAQ:MLCO) in a research note published on Friday morning, Marketbeat Ratings reports. The firm currently has a $7.70 target price on the stock, down from their previous target price of $11.00.

A number of other equities analysts have also weighed in on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. Zacks Research cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Finally, Wall Street Zen cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.85.

Melco Resorts & Entertainment Stock Down 8.9%

Shares of MLCO opened at $6.13 on Friday. The business has a 50-day simple moving average of $8.14 and a two-hundred day simple moving average of $8.63. Melco Resorts & Entertainment has a 52 week low of $4.55 and a 52 week high of $10.15. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 23.58 and a beta of 0.66.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.10. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the firm posted $0.06 EPS. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities analysts anticipate that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth $38,000. Quarry LP bought a new position in Melco Resorts & Entertainment in the third quarter worth about $68,000. Global Retirement Partners LLC raised its holdings in Melco Resorts & Entertainment by 6,805.6% in the third quarter. Global Retirement Partners LLC now owns 8,632 shares of the company’s stock worth $79,000 after purchasing an additional 8,507 shares in the last quarter. Solstein Capital LLC lifted its position in shares of Melco Resorts & Entertainment by 74.9% during the second quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after buying an additional 4,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Melco Resorts & Entertainment in the 2nd quarter valued at about $71,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.