Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have earned an average recommendation of “Moderate Buy” from the five brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $7.24.

Several research firms recently commented on MLCO. Susquehanna reduced their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, Citigroup downgraded Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and cut their price target for the company from $10.00 to $6.00 in a research note on Monday, February 10th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its stake in shares of Melco Resorts & Entertainment by 140.7% during the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after acquiring an additional 4,403 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at approximately $58,000. Empirical Asset Management LLC bought a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at approximately $73,000. Creative Planning grew its stake in shares of Melco Resorts & Entertainment by 35.9% during the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after acquiring an additional 4,220 shares during the period. Finally, Vident Advisory LLC bought a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at approximately $142,000. 39.62% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $5.64 on Friday. Melco Resorts & Entertainment has a one year low of $4.78 and a one year high of $8.90. The stock has a 50-day moving average of $5.68 and a 200 day moving average of $6.18. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -25.64, a PEG ratio of 0.63 and a beta of 1.02.

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.