Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Melco Resorts & Entertainment Limited (NASDAQ: MLCO) has an average analyst rating of "Moderate Buy", with one sell rating, one hold, five buy, and one strong buy.
• The average target price for the stock among brokerages is $8.15, with recent reports indicating increases in target prices from several major firms, including Citigroup and Susquehanna.
• Shares of Melco Resorts & Entertainment have a current trading price of $9.58, and the company reported a revenue of $1.33 billion for the last quarter, exceeding estimates.

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) has received an average recommendation of "Moderate Buy" from the eight research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $8.15.

MLCO has been the subject of several analyst reports. Citigroup upped their target price on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a "buy" rating in a report on Friday, August 1st. Susquehanna upped their target price on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a "positive" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their target price for the company from $7.20 to $9.50 in a report on Tuesday, July 1st. CLSA raised Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating in a research note on Wednesday, September 3rd. Finally, Zacks Research raised Melco Resorts & Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently bought and sold shares of the business. DAVENPORT & Co LLC lifted its stake in Melco Resorts & Entertainment by 5.9% in the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock worth $453,000 after acquiring an additional 4,815 shares in the last quarter. Bank of America Corp DE lifted its stake in Melco Resorts & Entertainment by 133.7% in the 4th quarter. Bank of America Corp DE now owns 642,726 shares of the company's stock worth $3,721,000 after acquiring an additional 367,652 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Melco Resorts & Entertainment by 21.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 429,131 shares of the company's stock worth $2,262,000 after purchasing an additional 75,935 shares during the last quarter. Ameriprise Financial Inc. increased its position in Melco Resorts & Entertainment by 1,166.0% in the 4th quarter. Ameriprise Financial Inc. now owns 147,363 shares of the company's stock worth $853,000 after purchasing an additional 135,723 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in Melco Resorts & Entertainment by 759.1% in the 4th quarter. Two Sigma Advisers LP now owns 128,000 shares of the company's stock worth $741,000 after purchasing an additional 113,100 shares during the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Up 1.2%

Shares of NASDAQ MLCO opened at $9.58 on Friday. Melco Resorts & Entertainment has a 12 month low of $4.55 and a 12 month high of $10.15. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 73.70 and a beta of 0.77. The business has a fifty day simple moving average of $9.26 and a 200-day simple moving average of $7.24.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.23 EPS for the quarter, beating 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 business 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 business posted $0.05 earnings per share. Melco Resorts & Entertainment's revenue was up 14.5% compared to the same quarter last year. As a group, sell-side analysts expect that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.