Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) saw strong trading volume on Tuesday . 3,006,117 shares changed hands during mid-day trading, a decline of 3% from the previous session's volume of 3,113,049 shares.The stock last traded at $6.82 and had previously closed at $6.58.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. StockNews.com raised shares of Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research report on Friday, April 5th. Morgan Stanley reaffirmed an "equal weight" rating and set a $9.60 price target on shares of Melco Resorts & Entertainment in a research report on Tuesday, January 2nd. Finally, Susquehanna decreased their price objective on Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating for the company in a report on Monday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $13.78.
Get Our Latest Stock Report on Melco Resorts & Entertainment
Melco Resorts & Entertainment Stock Down 0.6 %
The company has a market capitalization of $2.91 billion, a PE ratio of -10.38 and a beta of 1.11. The firm has a 50-day moving average of $7.22 and a two-hundred day moving average of $7.84.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period in the previous year, the company posted ($0.51) EPS. The business's revenue for the quarter was up 224.4% compared to the same quarter last year. Equities analysts predict that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current fiscal year.
Hedge Funds Weigh In On Melco Resorts & Entertainment
A number of large investors have recently added to or reduced their stakes in MLCO. Simplicity Wealth LLC acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at approximately $1,911,000. ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment by 6.1% in the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company's stock valued at $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Melco Resorts & Entertainment by 7.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 252,738 shares of the company's stock valued at $2,242,000 after purchasing an additional 17,088 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Melco Resorts & Entertainment by 72.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,150,100 shares of the company's stock worth $10,201,000 after purchasing an additional 482,100 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Melco Resorts & Entertainment by 6.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company's stock valued at $50,696,000 after buying an additional 366,031 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.
About Melco Resorts & Entertainment
(
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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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