Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Rating) shares saw unusually-strong trading volume on Wednesday . Approximately 7,902,799 shares traded hands during mid-day trading, an increase of 62% from the previous session's volume of 4,867,913 shares.The stock last traded at $12.86 and had previously closed at $13.10.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on MLCO shares. StockNews.com raised shares of Melco Resorts & Entertainment to a "sell" rating in a research report on Thursday, December 1st. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $7.00 to $10.00 in a report on Monday, November 28th. Finally, Credit Suisse Group cut Melco Resorts & Entertainment from an "outperform" rating to a "neutral" rating in a research note on Monday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $10.75.
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Melco Resorts & Entertainment Trading Down 1.8 %
The stock has a market capitalization of $5.72 billion, a PE ratio of -7.14 and a beta of 1.10. The firm has a 50 day moving average price of $10.92 and a 200 day moving average price of $7.62. The company has a quick ratio of 2.31, a current ratio of 2.34 and a debt-to-equity ratio of 21.09.
Melco Resorts & Entertainment (NASDAQ:MLCO – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.04. The business had revenue of $241.84 million for the quarter, compared to analysts' expectations of $305.79 million. Melco Resorts & Entertainment had a negative return on equity of 182.94% and a negative net
margin of 56.15%. Equities analysts expect that Melco Resorts & Entertainment Limited will post -2.05 EPS for the current fiscal year.
Institutional Investors Weigh In On Melco Resorts & Entertainment
Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates increased its holdings in shares of Melco Resorts & Entertainment by 87.1% in the first quarter. Raymond James & Associates now owns 42,281 shares of the company's stock worth $323,000 after buying an additional 19,681 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in Melco Resorts & Entertainment by 62.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 67,129 shares of the company's stock valued at $513,000 after purchasing an additional 25,852 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Melco Resorts & Entertainment by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 383,543 shares of the company's stock worth $2,931,000 after buying an additional 6,645 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Melco Resorts & Entertainment by 1.4% during the first quarter. Great West Life Assurance Co. Can now owns 174,880 shares of the company's stock valued at $1,408,000 after acquiring an additional 2,344 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its stake in Melco Resorts & Entertainment by 34.9% in the first quarter. Vontobel Holding Ltd. now owns 72,302 shares of the company's stock worth $552,000 after acquiring an additional 18,696 shares during the period. Hedge funds and other institutional investors own 39.70% of the company's stock.
About Melco Resorts & Entertainment
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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.
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