Melco Resorts & Entertainment (NASDAQ:MLCO) Now Covered by Citigroup

Citigroup started coverage on shares of Melco Resorts & Entertainment (NASDAQ:MLCO) in a research report released on Monday, MarketBeat reports. The firm issued a buy rating and a $9.40 target price on the stock.

Several other equities analysts have also commented on the stock. Susquehanna set a $7.00 price objective on shares of Melco Resorts & Entertainment in a report on Friday, August 14th. Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. dropped their target price on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a report on Thursday, July 16th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and cut their target price for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Finally, Wall Street Zen cut Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and an average price target of $7.27.

Melco Resorts & Entertainment Price Performance

NASDAQ MLCO opened at $4.22 on Monday. The stock has a market capitalization of $1.60 billion, a P/E ratio of 7.03, a PEG ratio of 3.26 and a beta of 0.49. The firm’s 50-day moving average is $4.99 and its two-hundred day moving average is $5.35. Melco Resorts & Entertainment has a 12 month low of $4.06 and a 12 month high of $9.53.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Thursday, August 13th. The company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.26 billion. Melco Resorts & Entertainment had a net margin of 4.50% and a negative return on equity of 23.81%. Melco Resorts & Entertainment’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. As a group, analysts anticipate that Melco Resorts & Entertainment will post 0.41 EPS for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Institutional investors have recently bought and sold shares of the company. Coronation Fund Managers Ltd. increased its stake in Melco Resorts & Entertainment by 35.2% during the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after purchasing an additional 2,934,127 shares during the period. Capula Management Ltd purchased a new position in shares of Melco Resorts & Entertainment in the first quarter valued at approximately $1,326,000. Bank of America Corp DE boosted its stake in shares of Melco Resorts & Entertainment by 177.7% in the first quarter. Bank of America Corp DE now owns 890,787 shares of the company’s stock valued at $5,060,000 after purchasing an additional 570,060 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Melco Resorts & Entertainment by 7.9% in the first 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 period. Finally, SG Americas Securities LLC grew its holdings in shares of Melco Resorts & Entertainment by 190.9% in the first quarter. SG Americas Securities LLC now owns 461,100 shares of the company’s stock valued at $2,619,000 after purchasing an additional 302,609 shares in the last quarter. 39.62% of the stock is 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 properties that combine casino gaming with hotels, dining, retail, entertainment and convention facilities. The company serves leisure and business travelers through destination resorts in Asia and Europe.

In Macau, Melco operates City of Dreams, Studio City and Altira Macau, as well as the Mocha Clubs electronic gaming business. Its properties offer a range of gaming options, hotel accommodations, restaurants, shopping venues, live entertainment and other non-gaming amenities.

Melco also operates City of Dreams Mediterranean in Cyprus and related satellite casinos under the Cyprus Casinos brand.