JPMorgan Chase & Co. Issues Pessimistic Forecast for Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $6.00 to $5.70 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.68% from the company’s current price.

MLCO has been the subject of a number of other research reports. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and cut their price objective for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. Citigroup dropped their price target on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a research note on Friday, July 10th. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. Finally, CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.77.

Melco Resorts & Entertainment Trading Up 3.5%

Shares of NASDAQ:MLCO traded up $0.18 during midday trading on Thursday, reaching $5.45. 3,583,969 shares of the company were exchanged, compared to its average volume of 2,349,531. The stock has a market cap of $2.11 billion, a PE ratio of 9.37, a price-to-earnings-growth ratio of 3.24 and a beta of 0.59. The business’s fifty day moving average is $5.46 and its two-hundred day moving average is $5.84. Melco Resorts & Entertainment has a one year low of $5.07 and a one year high of $10.15.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds have recently made changes to their positions in the business. Coronation Fund Managers Ltd. grew its position in Melco Resorts & Entertainment by 35.2% in the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after acquiring an additional 2,934,127 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Melco Resorts & Entertainment by 67.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after purchasing an additional 3,700,980 shares during the period. Goldman Sachs Group Inc. raised its position in Melco Resorts & Entertainment by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after purchasing an additional 846,504 shares during the period. FIL Ltd bought a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $35,198,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Melco Resorts & Entertainment by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock valued at $25,342,000 after purchasing an additional 325,900 shares during the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.