Melco Resorts & Entertainment (NASDAQ:MLCO) Earns Neutral Rating from JPMorgan Chase & Co.

Melco Resorts & Entertainment (NASDAQ:MLCO)‘s stock had its “neutral” rating restated by analysts at JPMorgan Chase & Co. in a note issued to investors on Friday, Marketbeat reports. They presently have a $7.70 price objective on the stock, down from their previous price objective of $11.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 25.61% from the stock’s current price.

Several other research analysts have also commented on MLCO. Zacks Research lowered Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment has a consensus rating of “Hold” and a consensus target price of $7.85.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $6.13 on Friday. The firm has a 50-day moving average of $8.14 and a two-hundred day moving average of $8.63. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $10.15. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 23.58 and a beta of 0.66.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.10. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.Melco Resorts & Entertainment’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 earnings per share. Research analysts expect that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in Melco Resorts & Entertainment by 11.1% in the 1st quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock valued at $949,000 after buying an additional 18,010 shares in the last quarter. Millennium Management LLC grew its position in Melco Resorts & Entertainment by 69.3% in the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock valued at $10,097,000 after acquiring an additional 784,403 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after buying an additional 846,504 shares during the period. Retireful LLC purchased a new stake in shares of Melco Resorts & Entertainment during the second quarter worth $92,000. Finally, DAVENPORT & Co LLC boosted its stake in shares of Melco Resorts & Entertainment by 1.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock valued at $631,000 after buying an additional 1,300 shares during the period. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.