Melco Resorts & Entertainment (NASDAQ:MLCO) Reaches New 1-Year Low at $6.29

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $6.29 and last traded at $6.31, with a volume of 1454825 shares traded. The stock had previously closed at $6.40.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MLCO shares. StockNews.com raised shares of Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research note on Friday, April 5th. Morgan Stanley reiterated an "equal weight" rating and set a $9.60 price objective on shares of Melco Resorts & Entertainment in a research report on Tuesday, January 2nd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.78.

Melco Resorts & Entertainment Stock Down 2.7 %

The firm's 50-day moving average price is $7.60 and its two-hundred day moving average price is $7.99. The firm has a market capitalization of $2.77 billion, a PE ratio of -9.89 and a beta of 1.11.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.10. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.14 billion. Melco Resorts & Entertainment's revenue for the quarter was up 224.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.51) earnings per share. Equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently bought and sold shares of MLCO. TORQ CAPITAL MANAGEMENT HK Ltd increased its holdings in shares of Melco Resorts & Entertainment by 268.5% in the 4th quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company's stock valued at $16,140,000 after purchasing an additional 1,325,878 shares during the period. Matthews International Capital Management LLC boosted its stake in shares of Melco Resorts & Entertainment by 247.0% during the 3rd quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company's stock valued at $11,809,000 after buying an additional 849,949 shares during the period. Qube Research & Technologies Ltd boosted its stake in shares of Melco Resorts & Entertainment by 77.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company's stock valued at $4,069,000 after buying an additional 179,070 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Melco Resorts & Entertainment by 2.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 116,620 shares of the company's stock valued at $1,034,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Barclays PLC boosted its position in Melco Resorts & Entertainment by 107.7% during the third quarter. Barclays PLC now owns 1,914,993 shares of the company's stock valued at $18,940,000 after purchasing an additional 992,813 shares during the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.