What is Seaport Res Ptn's Forecast for MLCO FY2024 Earnings?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) - Equities research analysts at Seaport Res Ptn dropped their FY2024 earnings per share estimates for Melco Resorts & Entertainment in a research report issued on Tuesday, November 5th. Seaport Res Ptn analyst V. Umansky now anticipates that the company will earn $0.21 per share for the year, down from their prior forecast of $0.29. The consensus estimate for Melco Resorts & Entertainment's current full-year earnings is $0.21 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment's Q4 2024 earnings at $0.07 EPS and FY2025 earnings at $0.47 EPS.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced 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 business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The company's revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) earnings per share.

A number of other research analysts also recently weighed in on MLCO. Bank of America lowered their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $9.82.

Melco Resorts & Entertainment Trading Up 5.2 %

MLCO stock traded up $0.35 during trading on Thursday, reaching $7.12. The stock had a trading volume of 5,063,796 shares, compared to its average volume of 3,332,201. Melco Resorts & Entertainment has a 52 week low of $4.78 and a 52 week high of $9.56. The stock's 50 day moving average is $6.65 and its two-hundred day moving average is $6.81. The firm has a market cap of $3.16 billion, a PE ratio of -21.84, a PEG ratio of 0.79 and a beta of 1.07.

Institutional Trading of Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new position in Melco Resorts & Entertainment during the 2nd quarter valued at approximately $42,000. Blue Trust Inc. grew its holdings in Melco Resorts & Entertainment by 243.4% during the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock valued at $53,000 after buying an additional 5,191 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Melco Resorts & Entertainment during the 1st quarter valued at approximately $56,000. Headlands Technologies LLC purchased a new position in Melco Resorts & Entertainment during the 2nd quarter valued at approximately $56,000. Finally, Pitcairn Co. purchased a new position in Melco Resorts & Entertainment during the 1st quarter valued at approximately $80,000. 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.