Analysts Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Target Price at $9.00

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five research firms that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $9.00.

Several brokerages have recently commented on MLCO. Susquehanna lowered their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday, February 3rd. Morgan Stanley reiterated an "equal weight" rating and issued a $7.50 price objective (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday, December 17th.

Melco Resorts & Entertainment Stock Performance

MLCO traded up $0.18 during midday trading on Wednesday, reaching $5.52. 4,084,121 shares of the company were exchanged, compared to its average volume of 4,262,165. The company has a market cap of $2.32 billion, a price-to-earnings ratio of -25.09, a price-to-earnings-growth ratio of 0.55 and a beta of 1.04. Melco Resorts & Entertainment has a one year low of $4.78 and a one year high of $9.39. The company's fifty day moving average price is $5.94 and its 200 day moving average price is $6.14.

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. Cetera Investment Advisers boosted its stake in Melco Resorts & Entertainment by 5.3% in the second quarter. Cetera Investment Advisers now owns 169,277 shares of the company's stock valued at $1,263,000 after acquiring an additional 8,507 shares during the last quarter. Creative Planning lifted its stake in Melco Resorts & Entertainment by 35.9% in the third quarter. Creative Planning now owns 15,962 shares of the company's stock valued at $124,000 after purchasing an additional 4,220 shares during the last quarter. Signaturefd LLC grew its holdings in Melco Resorts & Entertainment by 16.6% during the third quarter. Signaturefd LLC now owns 18,881 shares of the company's stock valued at $147,000 after purchasing an additional 2,686 shares during the period. Leo Wealth LLC purchased a new stake in Melco Resorts & Entertainment in the third quarter worth $93,000. Finally, Ballentine Partners LLC bought a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at $81,000. 39.62% of the stock is owned by hedge funds and other 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.