JPMorgan Chase & Co. Cuts Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target to $5.70

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price objective cut by JPMorgan Chase & Co. from $6.00 to $5.70 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and lowered their target price for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Citigroup cut their target price on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a report on Friday, July 10th. Finally, Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.77.

Melco Resorts & Entertainment Stock Up 0.6%

Shares of Melco Resorts & Entertainment stock opened at $5.45 on Thursday. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 9.40, a PEG ratio of 3.40 and a beta of 0.59. The business has a 50-day moving average price of $5.46 and a 200-day moving average price of $5.82. Melco Resorts & Entertainment has a twelve month low of $5.07 and a twelve month high of $10.15.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. grew its stake in Melco Resorts & Entertainment by 8.3% in the second quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock worth $123,000 after purchasing an additional 1,295 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in Melco Resorts & Entertainment by 15.5% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock valued at $98,000 after purchasing an additional 1,819 shares in the last quarter. Fox Run Management L.L.C. raised its position in Melco Resorts & Entertainment by 5.1% during the 4th quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock valued at $350,000 after purchasing an additional 2,256 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Melco Resorts & Entertainment by 0.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock worth $2,380,000 after buying an additional 2,442 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Melco Resorts & Entertainment by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock worth $525,000 after buying an additional 2,444 shares in the last quarter. 39.62% of the stock is owned by institutional investors.

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.