Bank of America Issues Positive Forecast for Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price target lifted by equities researchers at Bank of America from $5.70 to $6.60 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential upside of 2.80% from the stock’s current price.

MLCO has been the topic of several other reports. Susquehanna reduced their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Citigroup raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price objective on the stock in a report on Thursday, April 10th. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, UBS Group lowered Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price objective on the stock. in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and a consensus target price of $6.69.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ MLCO opened at $6.42 on Tuesday. The stock has a market capitalization of $2.73 billion, a P/E ratio of -29.18, a price-to-earnings-growth ratio of 0.63 and a beta of 0.71. Melco Resorts & Entertainment has a 1-year low of $4.55 and a 1-year high of $8.90. The business has a fifty day moving average price of $5.35 and a 200 day moving average price of $5.76.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative return on equity of 16.35% and a negative net margin of 2.04%. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the prior year, the company posted $0.04 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds have recently modified their holdings of MLCO. Raymond James Financial Inc. purchased a new position in Melco Resorts & Entertainment during the fourth quarter worth approximately $649,000. Charles Schwab Investment Management Inc. boosted its position in Melco Resorts & Entertainment by 47.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company’s stock worth $2,045,000 after purchasing an additional 113,328 shares in the last quarter. Renaissance Technologies LLC boosted its position in Melco Resorts & Entertainment by 92.2% during the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock worth $13,886,000 after purchasing an additional 1,150,500 shares in the last quarter. ARGA Investment Management LP boosted its position in Melco Resorts & Entertainment by 1.6% during the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock worth $171,688,000 after purchasing an additional 456,117 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in Melco Resorts & Entertainment during the fourth quarter worth approximately $407,000. Hedge funds and other institutional investors 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.