JPMorgan Chase & Co. Issues Pessimistic Forecast for Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price

Melco Resorts & Entertainment (NASDAQ:MLCO) had its target price lowered by research analysts at JPMorgan Chase & Co. from $6.00 to $5.70 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.59% from the stock’s current price.

Other research analysts have also issued research reports about the company. CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their target price for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Citigroup reduced their price target on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a report on Friday, July 10th. Finally, Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.77.

Melco Resorts & Entertainment Trading Up 0.6%

NASDAQ:MLCO opened at $5.45 on Thursday. The firm has a market capitalization of $2.12 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 3.38 and a beta of 0.59. The stock has a 50 day moving average of $5.46 and a 200-day moving average of $5.82. Melco Resorts & Entertainment has a 52 week low of $5.07 and a 52 week high of $10.15.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors have recently bought and sold shares of the stock. FIL Ltd bought a new position in Melco Resorts & Entertainment during the 4th quarter valued at $35,198,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Melco Resorts & Entertainment by 67.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock worth $84,352,000 after buying an additional 3,700,980 shares in the last quarter. Coronation Fund Managers Ltd. raised its stake in shares of Melco Resorts & Entertainment by 35.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after buying an additional 2,934,127 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Melco Resorts & Entertainment by 257.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after buying an additional 2,784,251 shares during the period. Finally, National Bank of Canada FI lifted its holdings in shares of Melco Resorts & Entertainment by 71,281.5% in the third quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock valued at $20,233,000 after buying an additional 2,203,311 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.