Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $9.06 Average Target Price from Brokerages

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been assigned a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $9.06.

A number of research firms have recently issued reports on MLCO. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. UBS Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective for the company in a research report on Monday, February 16th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd.

Melco Resorts & Entertainment Price Performance

Shares of MLCO opened at $5.47 on Friday. The stock has a market capitalization of $2.23 billion, a PE ratio of 11.89 and a beta of 0.58. The business’s fifty day moving average price is $5.96 and its 200 day moving average price is $7.63. Melco Resorts & Entertainment has a 12-month low of $4.55 and a 12-month high of $10.15.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several large investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC lifted its stake in Melco Resorts & Entertainment by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 138,229 shares of the company’s stock valued at $1,048,000 after buying an additional 27,035 shares during the last quarter. Invesco Ltd. grew its position in shares of Melco Resorts & Entertainment by 20.7% during the fourth quarter. Invesco Ltd. now owns 34,011 shares of the company’s stock worth $257,000 after acquiring an additional 5,840 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Melco Resorts & Entertainment by 13.1% in the 4th quarter. Mackenzie Financial Corp now owns 64,404 shares of the company’s stock worth $489,000 after acquiring an additional 7,438 shares during the period. Numerai GP LLC increased its holdings in shares of Melco Resorts & Entertainment by 162.3% in the 4th quarter. Numerai GP LLC now owns 111,833 shares of the company’s stock worth $847,000 after acquiring an additional 69,201 shares during the period. Finally, Millennium Management LLC lifted its position in Melco Resorts & Entertainment by 583.0% in the 4th quarter. Millennium Management LLC now owns 188,280 shares of the company’s stock valued at $1,425,000 after purchasing an additional 160,715 shares during the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

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.