Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 3.7% - What's Next?

Key Points

• Melco Resorts & Entertainment shares experienced a decline of 3.7%, trading at $7.58 after previously closing at $7.87.
• Several analysts have upgraded the company's stock, with a consensus rating of "Moderate Buy" and an average target price of $8.15.
• In its last earnings report, Melco posted $0.23 EPS, surpassing expectations and showing a 14.5% increase in revenue year-over-year.

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s share price traded down 3.7% on Monday . The stock traded as low as $7.58 and last traded at $7.58. 844,880 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 3,667,791 shares. The stock had previously closed at $7.87.

Wall Street Analyst Weigh In

Several research firms have recently commented on MLCO. Susquehanna boosted their price target on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a "positive" rating in a report on Wednesday, July 30th. Zacks Research upgraded Melco Resorts & Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $7.20 to $9.50 in a research note on Tuesday, July 1st. CLSA upgraded Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating in a report on Wednesday, September 3rd. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $8.15.

Melco Resorts & Entertainment Trading Down 1.8%

The stock has a fifty day moving average price of $9.24 and a 200 day moving average price of $7.48. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 59.43 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the prior year, the business earned $0.05 earnings per share. The company's revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently made changes to their positions in the business. FNY Investment Advisers LLC acquired a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd bought a new stake in Melco Resorts & Entertainment in the 1st quarter valued at $34,000. Solstein Capital LLC grew its position in Melco Resorts & Entertainment by 74.9% in the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company's stock worth $68,000 after purchasing an additional 4,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Melco Resorts & Entertainment during the 2nd quarter worth about $71,000. Finally, Brown Advisory Inc. acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at about $53,000. 39.62% of the stock is currently owned by 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.

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