Melco Resorts & Entertainment (NASDAQ:MLCO) Reaches New 1-Year Low – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares reached a new 52-week low on Friday . The company traded as low as $5.19 and last traded at $5.2150, with a volume of 1115710 shares changing hands. The stock had previously closed at $5.41.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MLCO. UBS Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective for the company in a report on Monday, February 16th. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research note on Friday, January 23rd. Finally, Wall Street Zen raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $9.68.

Melco Resorts & Entertainment Trading Down 1.6%

The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 3.82 and a beta of 0.60. The firm’s fifty day simple moving average is $5.61 and its two-hundred day simple moving average is $6.70.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of MLCO. Parallel Advisors LLC lifted its holdings in shares of Melco Resorts & Entertainment by 1,370.8% in the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock worth $29,000 after acquiring an additional 4,702 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Melco Resorts & Entertainment during the 4th quarter worth approximately $48,000. Hilton Head Capital Partners LLC acquired a new stake in Melco Resorts & Entertainment during the 4th quarter worth approximately $63,000. U S Global Investors Inc. purchased a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at approximately $68,000. Finally, Quarry LP purchased a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at approximately $68,000. 39.62% of the stock is currently 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 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.