The share price of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Rating) fell 6.4% in Friday’s session. The stock traded as low as $5.08 and last traded at $5.09. Approximately 137,183 shares were traded during trading, down 97% from the average daily volume of 4,495,990 shares. The stock had previously closed at $5.44.
Analysts set new price targets
Several equity analysts have recently commented on MLCO shares. Citigroup lowered its price target on shares of Melco Resorts & Entertainment from $12.50 to $11.00 and set a “buy” rating on the stock in a Tuesday, July 5 report. CICC Research downgraded shares of Melco Resorts & Entertainment from an “outperforming” rating to a “market performance” rating in a Monday, May 9 research report. One equity research analyst has assigned the stock a sell rating, two have issued a hold rating and three have assigned the company’s stock a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.33.
Melco Resorts & Entertainment Price Performance
The company has a debt ratio of 10.79, a current ratio of 2.44 and a quick ratio of 2.41. The company’s 50-day moving average price is $5.54 and its 200-day moving average price is $7.31. The company has a market capitalization of $2.50 billion, a P/E ratio of -3.20 and a beta of 1.64.
Melco Resorts & Entertainment (NASDAQ:MLCO – Get Rating) last reported quarterly earnings data on Thursday, May 5. The company reported ($0.37) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($0.39) by $0.02. Melco Resorts & Entertainment recorded a negative net margin of 38.72% and a negative return on equity of 71.99%. The company posted revenue of $474.95 million for the quarter, versus $499.71 million expected by analysts. As a group, sell-side analysts expect Melco Resorts & Entertainment Limited to post -1.78 EPS for the current fiscal year.
Hedge funds weigh on Melco Resorts & Entertainment
A number of hedge funds and other institutional investors have recently bought and sold shares of MLCO. Quadrant Capital Group LLC increased its stake in Melco Resorts & Entertainment by 116.2% in the fourth quarter. Quadrant Capital Group LLC now owns 8,201 shares of the company valued at $83,000 after acquiring 4,407 additional shares in the last quarter. Mount Yale Investment Advisors LLC increased its stake in Melco Resorts & Entertainment by 2.0% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 76,430 shares of the company worth $778,000 after purchasing an additional 1,465 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Melco Resorts & Entertainment by 4.7% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 22,937 shares of the company worth $225,000 after purchasing an additional 1,024 shares during the period. The New York State Common Retirement Fund increased its holdings in Melco Resorts & Entertainment by 58.1% in the fourth quarter. The New York State Common Retirement Fund now owns 893,858 shares of the company worth $9,099,000 after purchasing an additional 328,379 shares during the period. Finally, KBC Group NV increased its stake in Melco Resorts & Entertainment by 22.6% in the fourth quarter. KBC Group NV now owns 338,087 shares in the company worth $3,442,000 after purchasing an additional 62,382 shares during the period. 46.30% of the shares are held by institutional investors.
About Melco Resorts & Entertainment
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Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns and operates casino gaming and entertainment facilities in Asia. It owns and operates City of Dreams, an integrated casino complex that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage auditorium 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, spas and salons, as well as banquet and meeting facilities.
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