Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 5.9% – Time to Sell?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) traded down 5.9% during mid-day trading on Thursday. The stock traded as low as $4.23 and last traded at $4.2150. 921,170 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 2,161,284 shares. The stock had previously closed at $4.48.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MLCO shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Tuesday, August 18th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Citigroup cut their price objective on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a report on Friday, July 10th. Morgan Stanley downgraded Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. dropped their target price on 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, five have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $7.27.

Melco Resorts & Entertainment Trading Down 8.7%

The firm has a 50 day moving average price of $5.22 and a 200 day moving average price of $5.43. The stock has a market capitalization of $1.56 billion, a PE ratio of 6.86, a price-to-earnings-growth ratio of 3.51 and a beta of 0.58.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, August 13th. The company reported $0.06 earnings per share for the quarter, meeting the consensus estimate of $0.06. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.26 billion. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%.Melco Resorts & Entertainment’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.04 earnings per share. On average, equities research analysts expect that Melco Resorts & Entertainment Limited will post 0.41 EPS for the current 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 company. Parallel Advisors LLC lifted its holdings in Melco Resorts & Entertainment by 1,370.8% during the first quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock valued at $29,000 after purchasing an additional 4,702 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Melco Resorts & Entertainment by 71.5% during the 2nd quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock valued at $40,000 after buying an additional 3,155 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in Melco Resorts & Entertainment in the 4th quarter worth $63,000. U S Global Investors Inc. purchased a new stake in Melco Resorts & Entertainment in the 1st quarter worth $68,000. Finally, Headlands Technologies LLC purchased a new stake in Melco Resorts & Entertainment in the 2nd quarter worth $73,000. Institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality and entertainment. The company’s properties combine casino operations with hotels, restaurants, retail, convention space and leisure attractions.

Melco operates in Macau, including City of Dreams Macau, Studio City Macau and Altira Macau. Its portfolio also includes City of Dreams Manila in the Philippines and City of Dreams Mediterranean in Cyprus, along with satellite casinos in Cyprus.