Brokerages Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) PT at $7.24

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the five research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $7.24.

MLCO has been the subject of several analyst reports. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and dropped their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Susquehanna cut their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, February 3rd. Finally, Citigroup downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $10.00 to $6.00 in a research note on Monday, February 10th.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of MLCO. Thrivent Financial for Lutherans acquired a new stake in shares of Melco Resorts & Entertainment during the third quarter valued at about $720,000. Charles Schwab Investment Management Inc. boosted its position in shares of Melco Resorts & Entertainment by 124.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company's stock worth $1,869,000 after purchasing an additional 133,086 shares during the period. Quantbot Technologies LP acquired a new stake in Melco Resorts & Entertainment in the 3rd quarter valued at approximately $207,000. BNP Paribas Financial Markets raised its position in Melco Resorts & Entertainment by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company's stock valued at $5,107,000 after purchasing an additional 238,884 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Melco Resorts & Entertainment by 12.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company's stock worth $437,000 after purchasing an additional 6,148 shares in the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

MLCO traded down $0.13 on Thursday, reaching $5.27. 3,375,622 shares of the company's stock were exchanged, compared to its average volume of 3,575,524. The stock has a market cap of $2.21 billion, a PE ratio of -23.95, a P/E/G ratio of 0.63 and a beta of 1.02. Melco Resorts & Entertainment has a twelve month low of $4.78 and a twelve month high of $8.90. The stock's fifty day moving average price is $5.67 and its 200-day moving average price is $6.21.

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.