According to Zacks, “Melco Resorts & Entertainment Ltd is a developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Asia. Melco Resorts & Entertainment Ltd, formerly known as Melco Crown Entertainment Limited, is based in Hong Kong. “
A number of other equities analysts have also weighed in on MLCO. Citigroup decreased their target price on Melco Resorts & Entertainment from $14.50 to $13.50 in a research report on Monday, January 10th. Credit Suisse Group raised Melco Resorts & Entertainment from an underperform rating to an outperform rating in a research report on Wednesday, November 24th. Morgan Stanley raised Melco Resorts & Entertainment from an equal weight rating to an overweight rating and set a $13.00 target price for the company in a research report on Monday, December 13th. Finally, JPMorgan Chase & Co. lowered Melco Resorts & Entertainment from an overweight rating to a neutral rating and set a $10.00 target price for the company. in a research report on Thursday, September 16th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment has an average rating of Buy and a consensus target price of $13.48.
Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Tuesday, November 9th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.05). The company had revenue of $446.40 million during the quarter, compared to analysts’ expectations of $508.65 million. Melco Resorts & Entertainment had a negative return on equity of 53.40% and a negative net margin of 41.34%. Melco Resorts & Entertainment’s revenue for the quarter was up 109.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.66) EPS. As a group, equities research analysts expect that Melco Resorts & Entertainment will post -1.19 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in MLCO. ARGA Investment Management LP grew its stake in shares of Melco Resorts & Entertainment by 127.1% during the 3rd quarter. ARGA Investment Management LP now owns 16,866,364 shares of the company’s stock valued at $172,712,000 after acquiring an additional 9,439,790 shares during the period. Long Pond Capital LP lifted its holdings in Melco Resorts & Entertainment by 88.0% in the 3rd quarter. Long Pond Capital LP now owns 9,055,522 shares of the company’s stock worth $92,729,000 after purchasing an additional 4,239,065 shares in the last quarter. Capital World Investors lifted its holdings in Melco Resorts & Entertainment by 17.3% in the 3rd quarter. Capital World Investors now owns 21,052,773 shares of the company’s stock worth $215,570,000 after purchasing an additional 3,112,341 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in Melco Resorts & Entertainment in the 2nd quarter worth approximately $27,789,000. Finally, Bamco Inc. NY purchased a new position in Melco Resorts & Entertainment in the 2nd quarter worth approximately $21,140,000. Institutional investors own 38.91% 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.
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