Bank of America Trims Melco Resorts & Entertainment (NASDAQ:MLCO) Target Price to $7.50

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price objective reduced by Bank of America from $8.50 to $7.50 in a research report sent to investors on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on MLCO. Susquehanna reduced their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a positive rating for the company in a report on Monday, April 29th. Citigroup boosted their price objective on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. cut Melco Resorts & Entertainment from an overweight rating to a neutral rating and dropped their target price for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Finally, Morgan Stanley raised Melco Resorts & Entertainment from an equal weight rating to an overweight rating and boosted their price target for the stock from $8.30 to $9.60 in a research report on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $9.82.

Melco Resorts & Entertainment Trading Down 0.6 %

MLCO opened at $5.14 on Monday. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -12.24, a PEG ratio of 0.46 and a beta of 1.04. Melco Resorts & Entertainment has a 12-month low of $4.78 and a 12-month high of $11.77. The business’s fifty day simple moving average is $6.70 and its 200-day simple moving average is $7.33.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Solel Partners LP grew its stake in Melco Resorts & Entertainment by 34.2% during the 2nd quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock worth $9,907,000 after buying an additional 338,700 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Melco Resorts & Entertainment by 22.8% during the second quarter. Marshall Wace LLP now owns 1,169,950 shares of the company’s stock worth $8,728,000 after acquiring an additional 217,520 shares during the last quarter. Sei Investments Co. grew its stake in shares of Melco Resorts & Entertainment by 173.2% during the second quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after acquiring an additional 381,653 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Melco Resorts & Entertainment by 47.5% during the second quarter. Hsbc Holdings PLC now owns 52,486 shares of the company’s stock valued at $395,000 after acquiring an additional 16,901 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at approximately $56,000. Hedge funds and other 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.