Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $6.00 to $5.70 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 4.68% from the company's current price.
A number of other brokerages also recently issued reports on MLCO. CLSA raised Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and reduced their price target for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. CICC Research raised Melco Resorts & Entertainment to an "outperform" rating in a report on Sunday, April 19th. Citigroup cut their target price on Melco Resorts & Entertainment from $10.50 to $9.40 and set a "buy" rating for the company in a research report on Friday, July 10th. Wall Street Zen lowered Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. Finally, Morgan Stanley cut Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of "Moderate Buy" and an average target price of $7.77.
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Melco Resorts & Entertainment Trading Up 3.5%
Shares of NASDAQ:MLCO traded up $0.18 on Thursday, hitting $5.45. The company had a trading volume of 3,583,969 shares, compared to its average volume of 2,349,531. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 9.37, a P/E/G ratio of 3.24 and a beta of 0.59. The stock has a 50 day moving average price of $5.46 and a 200 day moving average price of $5.84. Melco Resorts & Entertainment has a 1-year low of $5.07 and a 1-year high of $10.15.
Institutional Investors Weigh In On Melco Resorts & Entertainment
Several institutional investors and hedge funds have recently made changes to their positions in MLCO. Osaic Holdings Inc. raised its holdings in Melco Resorts & Entertainment by 8.3% during the second quarter. Osaic Holdings Inc. now owns 16,990 shares of the company's stock valued at $123,000 after acquiring an additional 1,295 shares during the period. Orion Porfolio Solutions LLC boosted its stake in shares of Melco Resorts & Entertainment by 15.5% in the second quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company's stock worth $98,000 after acquiring an additional 1,819 shares during the period. Fox Run Management L.L.C. boosted its stake in shares of Melco Resorts & Entertainment by 5.1% in the fourth quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company's stock worth $350,000 after acquiring an additional 2,256 shares during the period. Ameriprise Financial Inc. grew its position in shares of Melco Resorts & Entertainment by 0.9% during the third quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company's stock worth $2,380,000 after purchasing an additional 2,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Melco Resorts & Entertainment by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company's stock worth $525,000 after purchasing an additional 2,444 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company's stock.
Melco Resorts & Entertainment Company Profile
(
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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.
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