Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Up 5.7%

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) traded up 5.7% during mid-day trading on Wednesday . The company traded as high as $5.35 and last traded at $5.34. 679,773 shares were traded during trading, a decline of 79% from the average session volume of 3,298,512 shares. The stock had previously closed at $5.05.

Analyst Ratings Changes

Several analysts have recently commented on MLCO shares. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $10.00 to $7.00 in a research note on Thursday, July 18th. Bank of America lowered their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating for the company in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $9.82.

Melco Resorts & Entertainment Stock Performance

The stock has a market cap of $2.38 billion, a PE ratio of -12.71, a P/E/G ratio of 0.84 and a beta of 1.03. The business has a 50 day moving average price of $5.92 and a two-hundred day moving average price of $6.99.

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

Institutional Trading of Melco Resorts & Entertainment

A number of large investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC raised its stake in shares of Melco Resorts & Entertainment by 15.4% in the fourth quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company's stock valued at $92,000 after buying an additional 1,386 shares during the period. 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 valued at $1,911,000 after purchasing an additional 2,961 shares during the last quarter. Arbor Capital Management Inc. ADV boosted its position in Melco Resorts & Entertainment by 4.4% during the fourth quarter. Arbor Capital Management Inc. ADV now owns 115,705 shares of the company's stock worth $1,062,000 after purchasing an additional 4,898 shares during the period. Blue Trust Inc. increased its stake in shares of Melco Resorts & Entertainment by 243.4% in the second quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock worth $53,000 after purchasing an additional 5,191 shares in the last quarter. Finally, Ridgewood Investments LLC bought a new stake in shares of Melco Resorts & Entertainment in the second quarter valued at approximately $42,000. Hedge funds and other institutional investors own 39.62% of the company's stock.

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.