Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $7.40 Consensus Price Target from Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given an average rating of “Moderate Buy” by the five research firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $7.24.

MLCO has been the topic of a number of analyst reports. Citigroup lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $6.00 in a research report on Monday, February 10th. Susquehanna decreased their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $7.50 to $6.70 in a report on Monday.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. Creative Planning grew its position in Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after purchasing an additional 4,220 shares during the last quarter. Coronation Fund Managers Ltd. raised its position in Melco Resorts & Entertainment by 15.0% in the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock worth $101,835,000 after purchasing an additional 1,705,872 shares in the last quarter. Thrivent Financial for Lutherans acquired a new position in Melco Resorts & Entertainment during the third quarter worth $720,000. Charles Schwab Investment Management Inc. grew its stake in Melco Resorts & Entertainment by 124.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock worth $1,869,000 after buying an additional 133,086 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at $207,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Down 3.2 %

NASDAQ:MLCO opened at $5.75 on Friday. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $8.90. The firm’s 50 day moving average is $5.69 and its two-hundred day moving average is $6.18. The company has a market cap of $2.41 billion, a P/E ratio of -26.14, a P/E/G ratio of 0.63 and a beta of 1.02.

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.