Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Rating Lowered by Susquehanna

Melco Resorts & Entertainment (NASDAQ:MLCO) was downgraded by investment analysts at Susquehanna from a “positive” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $4.00 price objective on the stock, down from their prior price objective of $5.00. Susquehanna‘s target price suggests a potential downside of 11.31% from the company’s previous close.

A number of other equities analysts have also recently issued reports on MLCO. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their price objective for the company from $6.10 to $6.00 in a report on Friday, July 10th. Capital One Financial set a $5.50 price objective on shares of Melco Resorts & Entertainment in a report on Friday, October 16th. Citigroup started coverage on shares of Melco Resorts & Entertainment in a report on Monday, October 12th. They set a “buy” rating and a $9.40 price objective for the company. Piper Sandler set a $5.50 target price on shares of Melco Resorts & Entertainment in a research note on Friday, October 16th. Finally, Texas Capital downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 16th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.45.

Melco Resorts & Entertainment Trading Down 1.1%

Shares of NASDAQ MLCO traded down $0.05 during trading hours on Thursday, hitting $4.51. 1,959,752 shares of the company traded hands, compared to its average volume of 1,943,094. The company’s 50 day moving average price is $4.47 and its 200 day moving average price is $5.35. Melco Resorts & Entertainment has a 12 month low of $3.67 and a 12 month high of $9.53. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 3.17 and a beta of 0.49.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the company earned $0.21 earnings per share. Melco Resorts & Entertainment’s revenue was down 10.4% on a year-over-year basis. Equities analysts anticipate that Melco Resorts & Entertainment will post 0.41 EPS for the current year.

Institutional Trading of Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Coronation Fund Managers Ltd. lifted its stake in shares of Melco Resorts & Entertainment by 35.2% during the 1st 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 last quarter. Renaissance Technologies LLC raised its stake in shares of Melco Resorts & Entertainment by 7.9% during the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock worth $25,342,000 after acquiring an additional 325,900 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Melco Resorts & Entertainment by 177.7% during the 1st quarter. Bank of America Corp DE now owns 890,787 shares of the company’s stock worth $5,060,000 after acquiring an additional 570,060 shares in the last quarter. Bleakley Financial Group LLC lifted its position in Melco Resorts & Entertainment by 29.8% during the first quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company’s stock valued at $2,621,000 after acquiring an additional 105,887 shares during the last quarter. Finally, Capula Management Ltd purchased a new stake in Melco Resorts & Entertainment during the first quarter valued at approximately $1,326,000. 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.