Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $7.77 Consensus PT from Analysts

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $7.7667.

A number of brokerages recently commented on MLCO. Citigroup decreased their price target on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research report on Friday, July 10th. Morgan Stanley cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday, June 22nd. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and cut their price objective for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Finally, CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $5.41 on Friday. The business’s 50 day simple moving average is $5.46 and its 200 day simple moving average is $5.74. Melco Resorts & Entertainment has a 1 year low of $5.07 and a 1 year high of $10.15. The company has a market capitalization of $2.10 billion, a P/E ratio of 9.33, a P/E/G ratio of 3.38 and a beta of 0.59.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. FIL Ltd bought a new stake in Melco Resorts & Entertainment during the fourth quarter worth $35,198,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Melco Resorts & Entertainment by 67.3% in 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. increased its stake in shares of Melco Resorts & Entertainment by 35.2% in 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 holdings in shares of 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 worth $29,253,000 after buying an additional 2,784,251 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in shares of Melco Resorts & Entertainment by 71,281.5% during 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 in the last quarter. 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.