Melco Resorts & Entertainment (NASDAQ:MLCO) Reaches New 1-Year Low – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) reached a new 52-week low on Friday . The stock traded as low as $5.19 and last traded at $5.2150, with a volume of 1115710 shares trading hands. The stock had previously closed at $5.41.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Texas Capital raised Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Wall Street Zen upgraded Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Monday, May 11th. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. Finally, UBS Group upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Monday, February 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.68.

Melco Resorts & Entertainment Price Performance

The firm has a market capitalization of $2.07 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 3.82 and a beta of 0.60. The stock’s 50-day moving average price is $5.61 and its 200 day moving average price is $6.70.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. lifted its position in Melco Resorts & Entertainment by 8.3% during the second quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock valued at $123,000 after purchasing an additional 1,295 shares during the period. Orion Porfolio Solutions LLC lifted its position in Melco Resorts & Entertainment by 15.5% during the second quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock valued at $98,000 after purchasing an additional 1,819 shares during the period. Fox Run Management L.L.C. increased its holdings in Melco Resorts & Entertainment by 5.1% in the fourth quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock valued at $350,000 after buying an additional 2,256 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Melco Resorts & Entertainment by 0.9% in the third quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock valued at $2,380,000 after buying an additional 2,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Melco Resorts & Entertainment by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock valued at $525,000 after buying an additional 2,444 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

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.