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

A number of other institutional investors and hedge funds also recently bought and sold shares of MLCO. Caitong International Asset Management Co. Ltd acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at $34,000. Nuveen LLC acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at $31,946,000. Aigen Investment Management LP acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at $59,000. Entropy Technologies LP acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at $113,000. Finally, National Bank of Canada FI lifted its stake in shares of Melco Resorts & Entertainment by 18,441,414.3% during the first quarter. National Bank of Canada FI now owns 1,290,906 shares of the company's stock valued at $6,803,000 after acquiring an additional 1,290,899 shares during the period. Institutional investors and hedge funds own 39.62% of the company's stock.

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock traded up $0.05 during trading hours on Friday, hitting $8.57. The company's stock had a trading volume of 1,268,189 shares, compared to its average volume of 2,719,576. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $9.16. The stock has a 50 day moving average of $8.04 and a 200 day moving average of $6.44. The company has a market capitalization of $3.60 billion, a PE ratio of 65.93 and a beta of 0.83.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the company earned $0.05 earnings per share. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. Equities analysts expect that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

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