Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Average Recommendation of “Moderate Buy” from Analysts

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been given an average recommendation of “Moderate Buy” by the nine brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $9.06.

A number of research firms recently weighed in on MLCO. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. UBS Group raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Monday, February 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd.

Melco Resorts & Entertainment Trading Down 0.7%

Shares of MLCO opened at $5.46 on Friday. The firm has a market cap of $2.13 billion, a P/E ratio of 11.87 and a beta of 0.58. Melco Resorts & Entertainment has a 12-month low of $4.55 and a 12-month high of $10.15. The company’s 50-day moving average price is $5.98 and its 200 day moving average price is $7.69.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of MLCO. Arrowstreet Capital Limited Partnership lifted its position in shares of Melco Resorts & Entertainment by 1,819.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after purchasing an additional 5,211,263 shares during the last quarter. FIL Ltd purchased a new position in Melco Resorts & Entertainment in the fourth quarter valued at $35,198,000. WCM Investment Management LLC acquired a new stake in Melco Resorts & Entertainment in the third quarter valued at $35,665,000. Balyasny Asset Management L.P. raised its stake in Melco Resorts & Entertainment by 257.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after buying an additional 2,784,251 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Melco Resorts & Entertainment by 71,281.5% during the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after buying an additional 2,203,311 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.