Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Stock Has Average Target Price of $6.83 According to Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given an average rating of “Hold” by the nine brokerages that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $6.83.

A number of brokerages have commented on MLCO. Piper Sandler set a $5.50 price objective on shares of Melco Resorts & Entertainment in a research note on Friday, October 16th. Capital One Financial set a $5.50 price target on Melco Resorts & Entertainment in a research report on Friday, October 16th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and reduced their price objective for the stock from $6.10 to $6.00 in a research note on Friday, July 10th. Texas Capital cut Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 16th. Finally, Citigroup initiated coverage on Melco Resorts & Entertainment in a research report on Monday, October 12th. They set a “buy” rating and a $9.40 price objective on the stock.

Melco Resorts & Entertainment Price Performance

Shares of MLCO opened at $3.94 on Friday. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 6.57, a price-to-earnings-growth ratio of 3.04 and a beta of 0.49. Melco Resorts & Entertainment has a 1 year low of $3.67 and a 1 year high of $9.53. The business’s 50 day simple moving average is $4.57 and its 200-day simple moving average is $5.40.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly 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 for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.04 earnings per share. On average, sell-side analysts expect that Melco Resorts & Entertainment will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several large investors have recently modified their holdings of MLCO. Parallel Advisors LLC raised its holdings in Melco Resorts & Entertainment by 1,370.8% during the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock valued at $29,000 after buying an additional 4,702 shares during the period. GAMMA Investing LLC increased its position in Melco Resorts & Entertainment by 71.5% during the second quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock valued at $40,000 after acquiring an additional 3,155 shares during the last quarter. Leo Wealth LLC bought a new position in Melco Resorts & Entertainment during the third quarter valued at $54,000. U S Global Investors Inc. purchased a new stake in shares of Melco Resorts & Entertainment in the first quarter valued at $68,000. Finally, Signaturefd LLC raised its stake in shares of Melco Resorts & Entertainment by 30.4% in the third quarter. Signaturefd LLC now owns 15,108 shares of the company’s stock valued at $68,000 after acquiring an additional 3,526 shares during the period. Institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality, entertainment, dining, retail and convention services. The company’s properties combine casinos with luxury hotels, restaurants, shopping areas, theaters and other leisure attractions.

Melco operates several major resorts in Macau, including City of Dreams, Altira Macau and Studio City. Its Macau operations also include the Mocha Clubs electronic gaming-machine business.