Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Cut to $9.40 by Analysts at Citigroup

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price objective decreased by Citigroup from $10.50 to $9.40 in a research report sent to investors on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on MLCO. Morgan Stanley cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. Finally, CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and reduced their price target for the stock from $6.10 to $6.00 in a research report on Friday. 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, Melco Resorts & Entertainment has a consensus rating of “Moderate Buy” and an average target price of $8.10.

Melco Resorts & Entertainment Stock Up 3.8%

Shares of MLCO stock traded up $0.20 during trading hours on Friday, hitting $5.49. 3,565,758 shares of the company’s stock traded hands, compared to its average volume of 2,891,160. The stock’s fifty day simple moving average is $5.48 and its two-hundred day simple moving average is $5.91. Melco Resorts & Entertainment has a 12-month low of $5.07 and a 12-month high of $10.15. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 9.47, a PEG ratio of 3.30 and a beta of 0.59.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 8.3% during the 2nd 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 last quarter. Orion Porfolio Solutions LLC increased its stake in Melco Resorts & Entertainment by 15.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock worth $98,000 after acquiring an additional 1,819 shares during the last quarter. Fox Run Management L.L.C. increased its stake in Melco Resorts & Entertainment by 5.1% in the 4th quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock worth $350,000 after acquiring an additional 2,256 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Melco Resorts & Entertainment by 0.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock worth $2,380,000 after acquiring an additional 2,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Melco Resorts & Entertainment by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock worth $525,000 after acquiring an additional 2,444 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.