Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Rating) reached a new 52-week high during trading on Friday . The stock traded as high as $14.24 and last traded at $14.19, with a volume of 1853681 shares changing hands. The stock had previously closed at $13.58.
Analysts Set New Price Targets
Several equities research analysts have commented on MLCO shares. Credit Suisse Group downgraded shares of Melco Resorts & Entertainment from an "outperform" rating to a "neutral" rating in a report on Monday, October 17th. StockNews.com raised shares of Melco Resorts & Entertainment to a "sell" rating in a report on Thursday, December 1st. Finally, JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $7.00 to $10.00 in a report on Monday, November 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $10.75.
Get Melco Resorts & Entertainment alerts:Melco Resorts & Entertainment Stock Performance
The company has a 50-day moving average price of $11.14 and a two-hundred day moving average price of $7.69. The stock has a market capitalization of $6.27 billion, a P/E ratio of -7.86 and a beta of 1.10. 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 announced its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.04. Melco Resorts & Entertainment had a negative return on equity of 182.94% and a negative net margin of 56.15%. The firm had revenue of $241.84 million for the quarter, compared to analysts' expectations of $305.79 million. Equities analysts expect that Melco Resorts & Entertainment Limited will post -2.05 earnings per share for the current year.Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Chiron Capital Management LLC increased its position in shares of Melco Resorts & Entertainment by 5.3% in the second quarter. Chiron Capital Management LLC now owns 50,100 shares of the company's stock worth $288,000 after purchasing an additional 2,500 shares during the last quarter. Arden Trust Co purchased a new stake in shares of Melco Resorts & Entertainment during the third quarter valued at approximately $70,000. Ovata Capital Management Ltd purchased a new stake in Melco Resorts & Entertainment in the second quarter worth $1,020,000. Quadrant Capital Group LLC lifted its stake in Melco Resorts & Entertainment by 103.0% in the second quarter. Quadrant Capital Group LLC now owns 6,661 shares of the company's stock worth $38,000 after acquiring an additional 3,380 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Melco Resorts & Entertainment by 24.2% in the third quarter. Van ECK Associates Corp now owns 76,956 shares of the company's stock worth $510,000 after acquiring an additional 14,978 shares during the period. 39.70% of the stock is currently owned by institutional investors.
Melco Resorts & Entertainment Company Profile
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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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