Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s stock price dropped 2.8% during trading on Wednesday . The company traded as low as $6.69 and last traded at $6.70. Approximately 168,718 shares traded hands during trading, a decline of 94% from the average daily volume of 2,944,861 shares. The stock had previously closed at $6.89.
Wall Street Analyst Weigh In
MLCO has been the topic of a number of research reports. StockNews.com upgraded 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 issued a $9.60 price objective on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $14.78.
Read Our Latest Stock Analysis on MLCO
Melco Resorts & Entertainment Price Performance
The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -10.22 and a beta of 1.11. The firm has a 50 day moving average price of $7.69 and a 200-day moving average price of $8.02.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the business posted ($0.51) earnings per share. The firm's revenue was up 224.4% on a year-over-year basis. Equities research analysts predict that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.
Hedge Funds Weigh In On Melco Resorts & Entertainment
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP acquired a new stake in shares of Melco Resorts & Entertainment during the 1st quarter valued at approximately $38,248,000. BlackRock Inc. lifted its position in shares of Melco Resorts & Entertainment by 52.3% during the 3rd quarter. BlackRock Inc. now owns 9,078,406 shares of the company's stock valued at $60,190,000 after acquiring an additional 3,117,633 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Melco Resorts & Entertainment by 134.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,874,795 shares of the company's stock valued at $59,521,000 after acquiring an additional 2,792,429 shares during the period. Balyasny Asset Management L.P. lifted its position in shares of Melco Resorts & Entertainment by 275.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,677,046 shares of the company's stock valued at $32,615,000 after acquiring an additional 2,698,036 shares during the period. Finally, ARGA Investment Management LP lifted its position in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company's stock valued at $211,514,000 after acquiring an additional 1,695,442 shares during the period. Hedge funds and other institutional investors own 39.62% of the company's stock.
About Melco Resorts & Entertainment
(
Get Free Report)
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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