Bleakley Financial Group LLC Acquires 51,327 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Bleakley Financial Group LLC increased its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 69.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 125,736 shares of the company's stock after purchasing an additional 51,327 shares during the period. Bleakley Financial Group LLC's holdings in Melco Resorts & Entertainment were worth $663,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MLCO. Brown Advisory Inc. purchased a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at $53,000. GAMMA Investing LLC boosted its position in Melco Resorts & Entertainment by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock worth $75,000 after purchasing an additional 6,638 shares in the last quarter. Vident Advisory LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth approximately $142,000. Cantor Fitzgerald L. P. purchased a new stake in Melco Resorts & Entertainment during the fourth quarter worth $145,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Melco Resorts & Entertainment by 546.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 26,460 shares of the company's stock worth $153,000 after acquiring an additional 22,370 shares during the period. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Price Performance

MLCO traded up $0.05 during trading on Friday, reaching $8.97. 1,925,497 shares of the stock were exchanged, compared to its average volume of 3,891,584. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 64.07 and a beta of 0.82. The business's 50 day moving average price is $7.03 and its two-hundred day moving average price is $6.00. Melco Resorts & Entertainment Limited has a 1 year low of $4.55 and a 1 year high of $9.05.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.13. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.21 billion. Melco Resorts & Entertainment had a negative return on equity of 12.58% and a net margin of 1.28%. The company's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.04 EPS. On average, analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. Wall Street Zen raised shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Citigroup upped their price target on Melco Resorts & Entertainment from $8.60 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Bank of America lifted their target price on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. Finally, UBS Group cut Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price for the company. in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and an average price target of $7.90.

About Melco Resorts & Entertainment

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.