Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Melco Resorts & Entertainment has a consensus analyst rating of “Moderate Buy” from 10 brokerage firms, with an average 12-month target price of $9.06.
• Recent analyst actions were mixed: Texas Capital upgraded the stock to strong-buy, UBS Group raised it to buy, while JPMorgan kept a neutral view and Wall Street Zen downgraded it to hold.
• The stock opened at $5.37, below its 50-day and 200-day moving averages, and institutional investors own about 39.62% of the company’s shares.

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) have received an average recommendation of "Moderate Buy" from the ten ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $9.06.

Several equities research analysts recently weighed in on the company. Texas Capital upgraded Melco Resorts & Entertainment to a "strong-buy" rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. restated a "neutral" rating and set a $7.70 target price (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. Wall Street Zen cut Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. UBS Group upgraded Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $9.50 target price for the company in a research note on Monday, February 16th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO opened at $5.37 on Friday. The stock has a 50-day simple moving average of $5.69 and a 200-day simple moving average of $6.89. The stock has a market capitalization of $2.18 billion, a PE ratio of 9.26, a PEG ratio of 3.76 and a beta of 0.60. Melco Resorts & Entertainment has a 1 year low of $5.22 and a 1 year high of $10.15.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its position in Melco Resorts & Entertainment by 67.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company's stock worth $84,352,000 after buying an additional 3,700,980 shares during the period. Coronation Fund Managers Ltd. increased its position in Melco Resorts & Entertainment by 2.9% during the fourth quarter. Coronation Fund Managers Ltd. now owns 8,335,219 shares of the company's stock worth $63,098,000 after buying an additional 231,305 shares during the period. Goldman Sachs Group Inc. increased its position in Melco Resorts & Entertainment by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company's stock worth $31,700,000 after buying an additional 846,504 shares during the period. FIL Ltd acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth approximately $35,198,000. Finally, Balyasny Asset Management L.P. increased its position in Melco Resorts & Entertainment by 257.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company's stock worth $29,253,000 after buying an additional 2,784,251 shares during the period. Institutional investors and hedge funds own 39.62% of the company's stock.

About Melco Resorts & Entertainment

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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