Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 52-Week Low – What’s Next?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price hit a new 52-week low during trading on Monday . The stock traded as low as $5.07 and last traded at $5.08, with a volume of 863090 shares changing hands. The stock had previously closed at $5.32.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Citigroup lowered their price target on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a report on Friday, July 10th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and reduced their price target for the company from $6.10 to $6.00 in a report on Friday, July 10th. Susquehanna set a $7.00 price objective on shares of Melco Resorts & Entertainment in a report on Friday, August 14th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.27.

Melco Resorts & Entertainment Stock Performance

The company has a market cap of $1.93 billion, a PE ratio of 8.45, a price-to-earnings-growth ratio of 3.91 and a beta of 0.59. The company has a fifty day moving average of $5.44 and a two-hundred day moving average of $5.58.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.06 EPS for the quarter, hitting the consensus estimate of $0.06. Melco Resorts & Entertainment had a net margin of 4.50% and a negative return on equity of 23.81%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm earned $0.04 earnings per share. Melco Resorts & Entertainment’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.43 EPS for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Large investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its stake in shares of Melco Resorts & Entertainment by 441.4% during the second quarter. California State Teachers Retirement System now owns 887,642 shares of the company’s stock valued at $4,678,000 after purchasing an additional 723,690 shares during the period. Headlands Technologies LLC purchased a new position in Melco Resorts & Entertainment in the 2nd quarter worth about $73,000. Baron Wealth Management LLC bought a new stake in Melco Resorts & Entertainment during the 2nd quarter valued at about $95,000. GAMMA Investing LLC lifted its holdings in Melco Resorts & Entertainment by 71.5% during the 2nd quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock valued at $40,000 after buying an additional 3,155 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in Melco Resorts & Entertainment by 1,370.8% in 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. 39.62% of the stock is owned by hedge funds and other 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.