Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target Lowered to $8.50 at Bank of America

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price lowered by Bank of America from $10.40 to $8.50 in a report issued on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

MLCO has been the subject of a number of other research reports. Citigroup raised their target price on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an equal weight rating to an overweight rating and raised their target price for the stock from $8.30 to $9.60 in a research note on Monday, May 6th. Susquehanna lowered their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a positive rating on the stock in a research report on Monday, April 29th. Finally, StockNews.com raised shares of Melco Resorts & Entertainment from a sell rating to a hold rating in a research report on Friday, April 5th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $11.88.

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock opened at $6.64 on Thursday. The stock has a market cap of $2.96 billion, a P/E ratio of -15.81, a P/E/G ratio of 0.49 and a beta of 1.04. The company has a fifty day moving average price of $7.79 and a two-hundred day moving average price of $7.76. Melco Resorts & Entertainment has a one year low of $6.10 and a one year high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. Melco Resorts & Entertainment’s quarterly revenue was up 55.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.14) EPS. As a group, equities research analysts anticipate that Melco Resorts & Entertainment will post 0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds have recently bought and sold shares of MLCO. GAMMA Investing LLC bought a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $37,000. Russell Investments Group Ltd. bought a new position in Melco Resorts & Entertainment in the 1st quarter valued at about $56,000. Pitcairn Co. bought a new position in Melco Resorts & Entertainment in the 1st quarter valued at about $80,000. FNY Investment Advisers LLC bought a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $88,000. Finally, Greenleaf Trust bought a new position in Melco Resorts & Entertainment in the 4th quarter valued at about $92,000. 39.62% of the stock is owned by 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.