Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 5.9% – What’s Next?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) traded down 5.9% during trading on Thursday. The stock traded as low as $4.23 and last traded at $4.2150. 921,170 shares were traded during mid-day trading, a decline of 57% from the average session volume of 2,161,284 shares. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

MLCO has been the topic of several analyst reports. Citigroup dropped their price target on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research note on Friday, July 10th. Morgan Stanley lowered Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. lowered their target price on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Tuesday, August 18th. Finally, CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and reduced their price target for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $7.27.

Melco Resorts & Entertainment Stock Performance

The stock has a 50 day moving average price of $5.16 and a 200 day moving average price of $5.41. The company has a market cap of $1.59 billion, a P/E ratio of 6.98, a P/E/G ratio of 3.19 and a beta of 0.49.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, August 13th. The company reported $0.06 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.06. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%.The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company earned $0.04 earnings per share. Melco Resorts & Entertainment’s revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts predict that Melco Resorts & Entertainment Limited will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC grew its position in Melco Resorts & Entertainment by 24.0% in the second quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock worth $82,000 after buying an additional 3,000 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter valued at $73,000. Baron Wealth Management LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter valued at $95,000. GAMMA Investing LLC boosted its stake in shares of Melco Resorts & Entertainment by 71.5% during the 2nd quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock worth $40,000 after acquiring an additional 3,155 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Melco Resorts & Entertainment by 1,370.8% during 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 in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort properties that combine casino gaming with hotels, dining, retail, entertainment and convention facilities. The company serves leisure and business travelers through destination resorts in Asia and Europe.

In Macau, Melco operates City of Dreams, Studio City and Altira Macau, as well as the Mocha Clubs electronic gaming business. Its properties offer a range of gaming options, hotel accommodations, restaurants, shopping venues, live entertainment and other non-gaming amenities.

Melco also operates City of Dreams Mediterranean in Cyprus and related satellite casinos under the Cyprus Casinos brand.