Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Given Average Recommendation of “Moderate Buy” by Brokerages

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $9.40.

Separately, Morgan Stanley reiterated an “equal weight” rating and issued a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday, December 17th.

Melco Resorts & Entertainment Price Performance

NASDAQ MLCO opened at $5.53 on Friday. The firm has a market cap of $2.32 billion, a P/E ratio of -25.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.05. The company’s 50 day moving average is $6.18 and its 200-day moving average is $6.27. Melco Resorts & Entertainment has a 12-month low of $4.78 and a 12-month high of $9.39.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the company. Eminence Capital LP increased its holdings in shares of Melco Resorts & Entertainment by 14.0% in 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 during the period. BNP Paribas Financial Markets increased its stake in Melco Resorts & Entertainment by 57.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock worth $5,107,000 after acquiring an additional 238,884 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Melco Resorts & Entertainment by 124.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after acquiring an additional 133,086 shares in the last quarter. Coronation Fund Managers Ltd. boosted its position in shares of Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after acquiring an additional 1,705,872 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Melco Resorts & Entertainment during the second quarter worth about $2,914,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.