Melco Resorts & Entertainment (NASDAQ:MLCO) Given New $9.40 Price Target at Citigroup

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price decreased by research analysts at Citigroup from $10.50 to $9.40 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 77.69% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. Finally, CLSA raised shares of 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 note on Friday. One investment 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.10.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $5.29 on Friday. Melco Resorts & Entertainment has a 1 year low of $5.07 and a 1 year high of $10.15. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 3.28 and a beta of 0.59. The business has a fifty day moving average of $5.48 and a 200-day moving average of $5.92.

Institutional Trading of Melco Resorts & Entertainment

A number of large investors have recently added to or reduced their stakes in MLCO. Royal Bank of Canada increased its holdings in shares of Melco Resorts & Entertainment by 11.1% in the first quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock valued at $949,000 after buying an additional 18,010 shares in the last quarter. Millennium Management LLC lifted its position in shares of Melco Resorts & Entertainment by 69.3% during the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock valued at $10,097,000 after acquiring an additional 784,403 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after acquiring an additional 846,504 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Melco Resorts & Entertainment by 5.8% during the 2nd quarter. Geode Capital Management LLC now owns 369,491 shares of the company’s stock worth $2,669,000 after acquiring an additional 20,165 shares in the last quarter. Finally, Creative Planning grew its holdings in shares of Melco Resorts & Entertainment by 67.4% in the 2nd quarter. Creative Planning now owns 17,981 shares of the company’s stock worth $130,000 after acquiring an additional 7,239 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors.

About Melco Resorts & Entertainment

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.