Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $5.70 Price Target at JPMorgan Chase & Co.

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price objective cut by JPMorgan Chase & Co. from $6.00 to $5.70 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

MLCO has been the subject of a number of other research reports. Morgan Stanley lowered Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Wall Street Zen lowered Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. Citigroup lowered their price objective on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their price objective for the company from $6.10 to $6.00 in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $7.77.

Melco Resorts & Entertainment Stock Up 3.0%

NASDAQ MLCO opened at $5.42 on Thursday. The company has a 50-day simple moving average of $5.46 and a two-hundred day simple moving average of $5.83. Melco Resorts & Entertainment has a 12-month low of $5.07 and a 12-month high of $10.15. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 9.34, a PEG ratio of 3.28 and a beta of 0.59.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the company. FIL Ltd bought a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth about $35,198,000. Arrowstreet Capital Limited Partnership raised its position in Melco Resorts & Entertainment by 67.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after purchasing an additional 3,700,980 shares during the last quarter. Coronation Fund Managers Ltd. raised its position in Melco Resorts & Entertainment by 35.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after purchasing an additional 2,934,127 shares during the last quarter. Balyasny Asset Management L.P. raised its position in Melco Resorts & Entertainment by 257.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after purchasing an additional 2,784,251 shares during the last quarter. Finally, National Bank of Canada FI lifted its holdings in Melco Resorts & Entertainment by 71,281.5% in the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after buying an additional 2,203,311 shares during the period. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Company Profile

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.