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

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) have been given a consensus recommendation of "Hold" by the six analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $6.69.

Several brokerages recently commented on MLCO. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and dropped their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Bank of America lifted 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 note on Tuesday, May 20th. Susquehanna reduced their target price 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. UBS Group lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target for the company. in a report on Wednesday, April 30th. Finally, Citigroup upgraded 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 report on Thursday, April 10th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC increased its stake in Melco Resorts & Entertainment by 4.2% during the first quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock valued at $370,000 after purchasing an additional 2,829 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Melco Resorts & Entertainment by 8.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock valued at $291,000 after buying an additional 3,873 shares during the period. DAVENPORT & Co LLC grew its position in shares of Melco Resorts & Entertainment by 5.9% during the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock valued at $453,000 after buying an additional 4,815 shares during the last quarter. Pinpoint Asset Management Ltd raised its stake in Melco Resorts & Entertainment by 6.4% during the first quarter. Pinpoint Asset Management Ltd now owns 95,758 shares of the company's stock worth $505,000 after acquiring an additional 5,797 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Melco Resorts & Entertainment during the first quarter worth about $34,000. Institutional investors and hedge funds own 39.62% of the company's stock.

Melco Resorts & Entertainment Trading Up 5.1%

MLCO traded up $0.31 during trading on Friday, hitting $6.42. 3,028,325 shares of the company's stock were exchanged, compared to its average volume of 3,711,592. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $8.90. The stock has a 50 day moving average price of $5.40 and a 200 day moving average price of $5.73. The firm has a market cap of $2.69 billion, a P/E ratio of -29.18, 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 quarterly earnings results on Thursday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. Melco Resorts & Entertainment had a negative return on equity of 16.35% and a negative net margin of 2.04%. The firm's quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. Analysts forecast that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Melco Resorts & Entertainment Company 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.