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

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

Analyst Upgrades and Downgrades

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

Melco Resorts & Entertainment Stock Down 2.7 %

The business’s fifty day moving average is $7.60 and its 200 day moving average is $7.99.

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

Hedge Funds Weigh In On Melco Resorts & Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. TORQ CAPITAL MANAGEMENT HK Ltd raised its holdings in Melco Resorts & Entertainment by 268.5% during the 4th quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock valued at $16,140,000 after acquiring an additional 1,325,878 shares during the period. Matthews International Capital Management LLC lifted its holdings in Melco Resorts & Entertainment by 247.0% during the 3rd quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company’s stock worth $11,809,000 after purchasing an additional 849,949 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Melco Resorts & Entertainment by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company’s stock worth $4,069,000 after purchasing an additional 179,070 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Melco Resorts & Entertainment by 2.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 116,620 shares of the company’s stock worth $1,034,000 after purchasing an additional 2,700 shares during the period. Finally, Barclays PLC grew its holdings in Melco Resorts & Entertainment by 107.7% during the 3rd quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock valued at $18,940,000 after buying an additional 992,813 shares in the last quarter. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

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.