Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 3.5%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price traded down 3.5% on Thursday . The company traded as low as $7.64 and last traded at $7.64. 390,394 shares traded hands during trading, a decline of 88% from the average session volume of 3,193,349 shares. The stock had previously closed at $7.92.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MLCO shares. Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and raised their price target for the stock 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 for the company in a report on Monday, April 29th. Bank of America upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and increased their price target for the stock from $7.50 to $10.40 in a research report on Wednesday, May 29th. Citigroup upped their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Finally, StockNews.com upgraded Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of “Moderate Buy” and an average target price of $12.26.

Melco Resorts & Entertainment Price Performance

The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -18.86, a P/E/G ratio of 0.58 and a beta of 1.08. The firm’s fifty day moving average price is $7.67 and its 200-day moving average price is $7.89.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.14) EPS. The business’s revenue for the quarter was up 55.2% compared to the same quarter last year. On average, research analysts predict that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds have recently modified their holdings of the business. ARGA Investment Management LP increased its position in shares of 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 worth $211,514,000 after buying an additional 1,695,442 shares during the period. Capital Research Global Investors grew its stake in 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 worth $154,728,000 after purchasing an additional 3,958,998 shares during the period. Capital World Investors increased its holdings in Melco Resorts & Entertainment by 3.2% in the first quarter. Capital World Investors now owns 13,464,508 shares of the company’s stock worth $97,079,000 after purchasing an additional 412,025 shares in the last quarter. Coronation Fund Managers Ltd. boosted its holdings in shares of Melco Resorts & Entertainment by 7.9% during the 1st quarter. Coronation Fund Managers Ltd. now owns 13,334,341 shares of the company’s stock worth $96,141,000 after buying an additional 974,968 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Melco Resorts & Entertainment by 6.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock worth $50,696,000 after buying an additional 366,031 shares during the period. Institutional investors and hedge funds 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.