Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $14.78 Average Price Target from Analysts

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given an average recommendation of “Moderate Buy” by the five research firms that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $14.78.

MLCO has been the subject of a number of recent analyst reports. Morgan Stanley restated an “equal weight” rating and set a $9.60 target price on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently made changes to their positions in MLCO. TORQ CAPITAL MANAGEMENT HK Ltd raised its holdings in Melco Resorts & Entertainment by 268.5% in the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock worth $16,140,000 after purchasing an additional 1,325,878 shares in the last quarter. Matthews International Capital Management LLC boosted its holdings in shares of Melco Resorts & Entertainment by 247.0% during the 3rd quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company’s stock valued at $11,809,000 after buying an additional 849,949 shares in the last quarter. Qube Research & Technologies Ltd grew its position in shares of Melco Resorts & Entertainment by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company’s stock worth $4,069,000 after buying an additional 179,070 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Melco Resorts & Entertainment by 2.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 116,620 shares of the company’s stock worth $1,034,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Barclays PLC lifted its position in Melco Resorts & Entertainment by 107.7% during the 3rd quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock valued at $18,940,000 after acquiring an additional 992,813 shares during the period. 39.62% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment Trading Up 0.3 %

Shares of NASDAQ:MLCO opened at $6.17 on Thursday. The company has a 50-day moving average price of $7.48 and a 200-day moving average price of $7.94. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -9.79 and a beta of 1.11. Melco Resorts & Entertainment has a 12 month low of $6.10 and a 12 month high of $14.36.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned ($0.51) EPS. The firm’s revenue for the quarter was up 224.4% on a year-over-year basis. As a group, research analysts forecast that Melco Resorts & Entertainment will post 0.28 EPS for the current fiscal year.

About Melco Resorts & Entertainment

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.