Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Lowered to $11.00 at Susquehanna

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price decreased by Susquehanna from $15.00 to $11.00 in a research note issued to investors on Monday morning, Benzinga reports. Susquehanna currently has a positive rating on the stock.

Several other research firms have also issued reports on MLCO. Morgan Stanley restated an equal weight rating and issued a $9.60 target price on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. StockNews.com upgraded shares of Melco Resorts & Entertainment from a sell rating to a hold rating in a report on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $13.78.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock opened at $6.58 on Monday. The firm has a 50-day moving average price of $7.22 and a 200-day moving average price of $7.84. Melco Resorts & Entertainment has a 12-month low of $6.10 and a 12-month high of $14.00.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, February 29th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.10. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.14 billion. Melco Resorts & Entertainment’s revenue was up 224.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.51) EPS. As a group, analysts predict that Melco Resorts & Entertainment will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC bought a new stake in Melco Resorts & Entertainment during the 1st quarter valued at about $1,911,000. ARGA Investment Management LP lifted its holdings in Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after buying an additional 1,695,442 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Melco Resorts & Entertainment by 7.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 252,738 shares of the company’s stock valued at $2,242,000 after buying an additional 17,088 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Melco Resorts & Entertainment by 72.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,150,100 shares of the company’s stock valued at $10,201,000 after buying an additional 482,100 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Melco Resorts & Entertainment by 6.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock valued at $50,696,000 after purchasing an additional 366,031 shares during the period. 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.