Melco Resorts & Entertainment (NASDAQ:MLCO) Cut to “Neutral” at Citigroup

Citigroup lowered shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat.com reports. The brokerage currently has $6.00 price objective on the stock, down from their previous price objective of $10.00.

A number of other equities research analysts have also issued reports on the stock. Susquehanna dropped their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Hold” and a consensus target price of $7.40.

Melco Resorts & Entertainment Stock Up 4.2 %

Melco Resorts & Entertainment stock opened at $5.50 on Monday. Melco Resorts & Entertainment has a 52-week low of $4.78 and a 52-week high of $9.39. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -25.00, a PEG ratio of 0.55 and a beta of 1.04. The company has a fifty day simple moving average of $5.87 and a 200-day simple moving average of $6.13.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of hedge funds have recently modified their holdings of the company. Trexquant Investment LP grew its holdings in shares of Melco Resorts & Entertainment by 105.2% in the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company’s stock valued at $6,570,000 after purchasing an additional 581,778 shares during the period. Geode Capital Management LLC lifted its position in Melco Resorts & Entertainment by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 364,090 shares of the company’s stock valued at $2,108,000 after buying an additional 27,411 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Melco Resorts & Entertainment in the fourth quarter valued at about $28,989,000. JPMorgan Chase & Co. lifted its position in Melco Resorts & Entertainment by 1,240.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock valued at $7,771,000 after buying an additional 1,241,986 shares during the last quarter. Finally, Samalin Investment Counsel LLC lifted its position in Melco Resorts & Entertainment by 11.6% in the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock valued at $557,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 39.62% 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.