Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 1-Year Low – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $4.05 and last traded at $4.0550, with a volume of 409,699 shares traded. The stock had previously closed at $4.15.

Analyst Ratings Changes

A number of brokerages have recently commented on MLCO. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and lowered their price target for the company from $6.10 to $6.00 in a report on Friday, July 10th. Citigroup started coverage on shares of Melco Resorts & Entertainment in a research report on Monday, October 12th. They issued a “buy” rating and a $9.40 target price for the company. Morgan Stanley lowered shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday, June 22nd. Susquehanna set a $7.00 target price on shares of Melco Resorts & Entertainment in a research note on Friday, August 14th. Finally, JPMorgan Chase & Co. dropped their price target on shares of 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. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment has an average rating of “Hold” and a consensus target price of $6.83.

Melco Resorts & Entertainment Stock Down 1.8%

The firm’s 50-day simple moving average is $4.88 and its 200 day simple moving average is $5.31. The stock has a market capitalization of $1.55 billion, a P/E ratio of 6.79, a PEG ratio of 3.20 and a beta of 0.49.

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

Institutional Trading of Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC lifted its stake in Melco Resorts & Entertainment by 24.0% during the second quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock valued at $82,000 after purchasing an additional 3,000 shares during the last quarter. Headlands Technologies LLC bought a new stake in Melco Resorts & Entertainment during the second quarter worth approximately $73,000. Baron Wealth Management LLC acquired a new position in Melco Resorts & Entertainment in the second quarter worth approximately $95,000. GAMMA Investing LLC grew its position in Melco Resorts & Entertainment by 71.5% in the second quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock worth $40,000 after buying an additional 3,155 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in Melco Resorts & Entertainment by 1,370.8% in the first quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock worth $29,000 after buying an additional 4,702 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 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.