Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 2.8%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price was down 2.8% during mid-day trading on Wednesday . The company traded as low as $6.69 and last traded at $6.70. Approximately 168,718 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 2,944,861 shares. The stock had previously closed at $6.89.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MLCO shares. Morgan Stanley reissued an “equal weight” rating and set a $9.60 price target on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. StockNews.com upgraded Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.78.

Melco Resorts & Entertainment Trading Down 7.0 %

The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -10.30 and a beta of 1.11. The stock’s 50 day moving average is $7.69 and its 200 day moving average is $8.02.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.14 billion. Melco Resorts & Entertainment’s revenue was up 224.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.51) earnings per share. On average, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently modified their holdings of the company. ARGA Investment Management LP boosted its stake in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Melco Resorts & Entertainment by 7.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 252,738 shares of the company’s stock worth $2,242,000 after purchasing an additional 17,088 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Melco Resorts & Entertainment by 72.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,150,100 shares of the company’s stock worth $10,201,000 after purchasing an additional 482,100 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake 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 purchasing an additional 366,031 shares during the last quarter. Finally, Aragon Global Management LP acquired a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth about $798,000. 39.62% of the stock is owned by institutional investors and hedge funds.

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.