Melco Resorts & Entertainment (NASDAQ:MLCO) Cut to “Neutral” at Citigroup

Citigroup lowered shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a buy rating to a neutral rating in a report issued on Monday, Marketbeat reports. Citigroup currently has $6.00 price target on the stock, down from their prior price target of $10.00.

Other equities analysts have also issued reports about the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Susquehanna cut their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Melco Resorts & Entertainment currently has a consensus rating of “Hold” and a consensus price target of $7.40.

Melco Resorts & Entertainment Trading Up 4.2 %

MLCO opened at $5.50 on Monday. Melco Resorts & Entertainment has a 12-month low of $4.78 and a 12-month high of $9.39. The firm has a market capitalization of $2.31 billion, a PE ratio of -25.00, a P/E/G ratio of 0.55 and a beta of 1.04. The firm has a 50 day moving average of $5.87 and a two-hundred day moving average of $6.13.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets grew 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 valued at $5,107,000 after acquiring an additional 238,884 shares during the period. Charles Schwab Investment Management Inc. grew its stake in 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 during the period. Coronation Fund Managers Ltd. grew its stake in Melco Resorts & Entertainment by 15.0% in 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 period. Thrivent Financial for Lutherans acquired a new stake in Melco Resorts & Entertainment in the 3rd quarter valued at $720,000. Finally, ARGA Investment Management LP grew its stake in Melco Resorts & Entertainment by 1.6% in the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after acquiring an additional 456,117 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.