Citigroup Downgrades Melco Resorts & Entertainment (NASDAQ:MLCO) to Neutral

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was downgraded by equities researchers at Citigroup from a "buy" rating to a "neutral" rating in a research note issued to investors on Monday, Marketbeat Ratings reports. They presently have a $6.00 price objective on the stock, down from their previous price objective of $10.00. Citigroup's price target would suggest a potential upside of 4.35% from the stock's current price.

Several other research firms also recently weighed in on MLCO. Morgan Stanley restated an "equal weight" rating and set a $7.50 price target (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Susquehanna dropped 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 note on Monday, February 3rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Melco Resorts & Entertainment presently has an average rating of "Hold" and an average target price of $7.40.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO traded up $0.25 during mid-day trading on Monday, hitting $5.75. 3,487,518 shares of the company were exchanged, compared to its average volume of 3,926,704. Melco Resorts & Entertainment has a 1-year low of $4.78 and a 1-year high of $9.39. The company has a 50 day moving average of $5.86 and a 200-day moving average of $6.13. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -26.14, a price-to-earnings-growth ratio of 0.55 and a beta of 1.04.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently bought and sold shares of MLCO. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $28,989,000. Coronation Fund Managers Ltd. grew its stake in shares of Melco Resorts & Entertainment by 15.0% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company's stock valued at $101,835,000 after buying an additional 1,705,872 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Melco Resorts & Entertainment by 1,240.2% in the 4th quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company's stock valued at $7,771,000 after buying an additional 1,241,986 shares during the period. Renaissance Technologies LLC grew its stake in shares of Melco Resorts & Entertainment by 92.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock valued at $13,886,000 after buying an additional 1,150,500 shares during the period. Finally, Trexquant Investment LP grew its stake in shares of Melco Resorts & Entertainment by 105.2% in the 4th quarter. Trexquant Investment LP now owns 1,134,648 shares of the company's stock valued at $6,570,000 after buying an additional 581,778 shares during the period. Hedge funds and other institutional investors own 39.62% of the company's stock.

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.