Long Corridor Asset Management Ltd Acquires Shares of 136,194 Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Key Points

• Long Corridor Asset Management Ltd invested approximately $718,000 in Melco Resorts & Entertainment by purchasing 136,194 shares during the first quarter of the year.
• Analysts have varied ratings on Melco Resorts, with price targets ranging from $4.60 to $11.50, reflecting a consensus rating of "Moderate Buy" and an average target of $8.15.
• Melco Resorts & Entertainment reported $0.23 EPS for the last quarter, surpassing analyst expectations, along with a year-over-year revenue increase of 14.5%.

Long Corridor Asset Management Ltd purchased a new stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 136,194 shares of the company's stock, valued at approximately $718,000. Melco Resorts & Entertainment accounts for approximately 0.5% of Long Corridor Asset Management Ltd's investment portfolio, making the stock its 17th largest holding.

A number of other large investors also recently modified their holdings of the business. Headlands Technologies LLC lifted its stake in Melco Resorts & Entertainment by 4.2% in the 1st quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock worth $370,000 after acquiring an additional 2,829 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Melco Resorts & Entertainment by 8.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock worth $291,000 after purchasing an additional 3,873 shares in the last quarter. DAVENPORT & Co LLC raised its stake in shares of Melco Resorts & Entertainment by 5.9% during the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock worth $453,000 after purchasing an additional 4,815 shares in the last quarter. Pinpoint Asset Management Ltd raised its stake in shares of Melco Resorts & Entertainment by 6.4% during the 1st quarter. Pinpoint Asset Management Ltd now owns 95,758 shares of the company's stock worth $505,000 after purchasing an additional 5,797 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Melco Resorts & Entertainment during the 1st quarter worth about $34,000. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock traded up $0.05 during trading on Friday, reaching $8.57. The company had a trading volume of 1,268,189 shares, compared to its average volume of 2,719,576. The company has a market capitalization of $3.60 billion, a PE ratio of 65.93 and a beta of 0.83. The firm's 50 day simple moving average is $8.04 and its two-hundred day simple moving average is $6.44. Melco Resorts & Entertainment Limited has a one year low of $4.55 and a one year high of $9.16.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.14. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter last year, the firm posted $0.05 EPS. The company's revenue was up 14.5% on a year-over-year basis. Analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. UBS Group downgraded Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target for the company. in a research note on Wednesday, April 30th. Citigroup raised their price target on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $7.20 to $9.50 in a research note on Tuesday, July 1st. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Finally, Bank of America raised their price objective on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $8.15.

Melco Resorts & Entertainment Profile

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.