Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 2.5%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) fell 2.5% on Friday . The company traded as low as $5.44 and last traded at $5.45. 61,957 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 3,343,581 shares. The stock had previously closed at $5.59.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MLCO. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $8.30 to $9.60 in a research report on Monday, May 6th. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating on the stock in a report on Monday, April 29th. Bank of America lowered their price objective on shares of 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. cut Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $10.00 to $7.00 in a research note on Thursday, July 18th. Finally, Citigroup boosted their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $9.82.

Melco Resorts & Entertainment Stock Down 1.4 %

The firm has a market cap of $2.45 billion, a P/E ratio of -13.02, a P/E/G ratio of 0.46 and a beta of 1.04. The business has a fifty day simple moving average of $6.39 and a 200-day simple moving average of $7.23.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The firm's revenue was up 22.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.02) earnings per share. On average, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.25 EPS for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds have recently made changes to their positions in the stock. ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment by 6.1% during the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company's stock valued at $211,514,000 after buying an additional 1,695,442 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Melco Resorts & Entertainment by 22.6% during the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company's stock valued at $154,728,000 after acquiring an additional 3,958,998 shares in the last quarter. Eminence Capital LP raised its position in shares of Melco Resorts & Entertainment by 14.0% in the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company's stock worth $130,565,000 after purchasing an additional 2,154,509 shares during the last quarter. Coronation Fund Managers Ltd. boosted its stake in Melco Resorts & Entertainment by 16.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company's stock worth $115,636,000 after purchasing an additional 2,166,524 shares in the last quarter. Finally, Capital World Investors grew its position in Melco Resorts & Entertainment by 3.2% during the 1st quarter. Capital World Investors now owns 13,464,508 shares of the company's stock valued at $97,079,000 after purchasing an additional 412,025 shares during the last quarter. 39.62% of the stock is owned by institutional investors.

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.