Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Lowered to $7.50 at Bank of America

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price lowered by Bank of America from $8.50 to $7.50 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on MLCO. Susquehanna decreased their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a positive rating on the stock in a report on Monday, April 29th. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an overweight rating to a neutral rating and lowered their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Morgan Stanley upgraded Melco Resorts & Entertainment from an equal weight rating to an overweight rating and raised their price objective for the stock from $8.30 to $9.60 in a report on Monday, May 6th. Finally, Citigroup boosted their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a buy rating in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $9.82.

Melco Resorts & Entertainment Price Performance

MLCO opened at $5.18 on Monday. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of -12.33, a price-to-earnings-growth ratio of 0.46 and a beta of 1.04. Melco Resorts & Entertainment has a 12 month low of $4.78 and a 12 month high of $11.43. The business has a 50-day moving average of $6.64 and a two-hundred day moving average of $7.32.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently modified their holdings of the stock. ARGA Investment Management LP boosted its holdings in Melco Resorts & Entertainment by 6.1% in the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after acquiring an additional 1,695,442 shares during the period. Capital Research Global Investors raised its stake in shares of Melco Resorts & Entertainment by 22.6% during the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock valued at $154,728,000 after purchasing an additional 3,958,998 shares during the period. Eminence Capital LP lifted its position in shares of Melco Resorts & Entertainment by 14.0% during the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after purchasing an additional 2,154,509 shares in the last quarter. Coronation Fund Managers Ltd. boosted its stake in shares of Melco Resorts & Entertainment by 16.2% in the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock valued at $115,636,000 after purchasing an additional 2,166,524 shares during the period. Finally, Capital World Investors grew its holdings in Melco Resorts & Entertainment by 3.2% during the 1st quarter. Capital World Investors now owns 13,464,508 shares of the company’s stock valued at $97,079,000 after purchasing an additional 412,025 shares in the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.