Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 2.8%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price was down 2.8% on Wednesday . The company traded as low as $6.69 and last traded at $6.70. Approximately 168,718 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 2,944,861 shares. The stock had previously closed at $6.89.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MLCO shares. StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Morgan Stanley restated an “equal weight” rating and issued a $9.60 target price on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.78.

Melco Resorts & Entertainment Trading Down 7.0 %

The business’s 50 day moving average is $7.69 and its 200 day moving average is $8.02. The stock has a market capitalization of $2.85 billion, a PE ratio of -10.30 and a beta of 1.11.

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

Institutional Investors Weigh In On Melco Resorts & Entertainment

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC purchased a new stake in Melco Resorts & Entertainment in the 4th quarter valued at about $37,000. Sunbelt Securities Inc. purchased a new stake in Melco Resorts & Entertainment in the 1st quarter valued at about $57,000. Penserra Capital Management LLC boosted its position in Melco Resorts & Entertainment by 49.8% in the 4th quarter. Penserra Capital Management LLC now owns 5,754 shares of the company’s stock valued at $66,000 after buying an additional 1,914 shares during the period. Centaurus Financial Inc. purchased a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at about $104,000. Finally, FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment in the 4th quarter valued at about $88,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.