Melco Resorts & Entertainment (NASDAQ:MLCO) Reaches New 1-Year Low at $6.29

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price hit a new 52-week low on Thursday . The company traded as low as $6.29 and last traded at $6.31, with a volume of 1454825 shares traded. The stock had previously closed at $6.40.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. StockNews.com upgraded Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Morgan Stanley reiterated an “equal weight” rating and set a $9.60 price target on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.78.

Melco Resorts & Entertainment Stock Performance

The business has a 50 day simple moving average of $7.65 and a 200-day simple moving average of $8.01. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -9.95 and a beta of 1.11.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm posted ($0.51) earnings per share. The firm’s quarterly revenue was up 224.4% on a year-over-year basis. As a group, research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC purchased a new position in Melco Resorts & Entertainment in the 4th quarter valued at approximately $37,000. Sunbelt Securities Inc. purchased a new position in shares of Melco Resorts & Entertainment during the 1st quarter valued at $57,000. Penserra Capital Management LLC grew its position in shares of Melco Resorts & Entertainment by 49.8% during the 4th quarter. Penserra Capital Management LLC now owns 5,754 shares of the company’s stock valued at $66,000 after purchasing an additional 1,914 shares in the last quarter. Centaurus Financial Inc. purchased a new position in shares of Melco Resorts & Entertainment during the 2nd quarter valued at $104,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at $88,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Company Profile

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.