Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 3.5%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) dropped 3.5% during trading on Thursday . The company traded as low as $7.64 and last traded at $7.64. Approximately 390,394 shares were traded during trading, a decline of 88% from the average daily volume of 3,193,349 shares. The stock had previously closed at $7.92.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $8.30 to $9.60 in a research report on Monday, May 6th. Susquehanna lowered their price target on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research report on Monday, April 29th. Citigroup raised their price objective on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Bank of America upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $7.50 to $10.40 in a report on Wednesday, May 29th. Finally, StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $12.26.

Melco Resorts & Entertainment Trading Down 4.2 %

The business has a 50 day simple moving average of $7.67 and a two-hundred day simple moving average of $7.89. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -18.86, a price-to-earnings-growth ratio of 0.58 and a beta of 1.08.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company earned ($0.14) earnings per share. The business’s quarterly revenue was up 55.2% compared to the same quarter last year. Research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of MLCO. GAMMA Investing LLC bought a new stake in Melco Resorts & Entertainment during the fourth quarter valued at $37,000. Russell Investments Group Ltd. bought a new stake in shares of Melco Resorts & Entertainment during the 1st quarter valued at about $56,000. Pitcairn Co. acquired a new stake in Melco Resorts & Entertainment during the first quarter worth about $80,000. FNY Investment Advisers LLC bought a new position in Melco Resorts & Entertainment in the fourth quarter worth about $88,000. Finally, Greenleaf Trust acquired a new position in Melco Resorts & Entertainment in the fourth quarter valued at approximately $92,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

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.