Brokerages Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) PT at $6.69

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) have received a consensus recommendation of "Hold" from the six research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $6.69.

A number of equities research analysts have commented on the stock. Citigroup raised shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price objective on the stock in a research report on Thursday, April 10th. UBS Group downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective on the stock. in a research report on Wednesday, April 30th. Bank of America increased their price objective on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research report on Tuesday, May 20th. Susquehanna dropped their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, February 3rd. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $7.50 to $6.70 in a research report on Monday, March 3rd.

Melco Resorts & Entertainment Trading Up 0.3%

MLCO traded up $0.02 during trading hours on Friday, hitting $6.35. 1,527,686 shares of the company's stock were exchanged, compared to its average volume of 3,706,436. Melco Resorts & Entertainment has a 12-month low of $4.55 and a 12-month high of $8.90. The firm has a 50 day moving average of $5.45 and a 200 day moving average of $5.74. The firm has a market cap of $2.67 billion, a P/E ratio of -28.86, a price-to-earnings-growth ratio of 0.63 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the firm earned $0.04 EPS. The firm's revenue for the quarter was up 10.8% on a year-over-year basis. As a group, research analysts expect that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MLCO. SG Americas Securities LLC grew its position in shares of Melco Resorts & Entertainment by 12.0% in the 4th quarter. SG Americas Securities LLC now owns 152,398 shares of the company's stock valued at $882,000 after buying an additional 16,305 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in Melco Resorts & Entertainment during the 4th quarter worth $58,000. ARGA Investment Management LP boosted its stake in Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after purchasing an additional 456,117 shares during the period. Bleakley Financial Group LLC boosted its stake in Melco Resorts & Entertainment by 28.1% during the 4th quarter. Bleakley Financial Group LLC now owns 74,409 shares of the company's stock worth $431,000 after purchasing an additional 16,308 shares during the period. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Melco Resorts & Entertainment during the 4th quarter worth $407,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.