Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down - What's Next?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $8.48, but opened at $7.70. Melco Resorts & Entertainment shares last traded at $7.66, with a volume of 1,313,613 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on MLCO. Bank of America decreased their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating for the company in a research note on Monday, August 12th. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $10.00 to $7.00 in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $9.82.

Melco Resorts & Entertainment Stock Down 5.5 %

The firm has a 50 day moving average of $5.90 and a 200-day moving average of $6.79. The company has a market cap of $3.57 billion, a P/E ratio of -19.07, a PEG ratio of 1.00 and a beta of 1.06.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.05). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. Melco Resorts & Entertainment's quarterly revenue was up 22.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) EPS. On average, research analysts predict that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the business. Bleakley Financial Group LLC lifted its holdings in Melco Resorts & Entertainment by 1.1% during the first quarter. Bleakley Financial Group LLC now owns 264,989 shares of the company's stock worth $1,911,000 after buying an additional 2,961 shares during the period. Blue Trust Inc. lifted its stake in shares of Melco Resorts & Entertainment by 243.4% during the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock worth $53,000 after purchasing an additional 5,191 shares during the last quarter. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment during the second quarter valued at about $42,000. Headlands Technologies LLC purchased a new position in Melco Resorts & Entertainment in the second quarter valued at about $56,000. Finally, Russell Investments Group Ltd. bought a new position in Melco Resorts & Entertainment in the first quarter worth about $56,000. 39.62% of the stock is currently owned by 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.