Susquehanna Cuts Melco Resorts & Entertainment (NASDAQ:MLCO) Price Target to $9.00

Melco Resorts & Entertainment (NASDAQ:MLCO) had its price target decreased by Susquehanna from $10.00 to $9.00 in a research report released on Monday,Benzinga reports. Susquehanna currently has a positive rating on the stock.

Separately, Morgan Stanley reissued an “equal weight” rating and set a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Melco Resorts & Entertainment Stock Performance

MLCO stock opened at $5.33 on Monday. The stock has a 50-day simple moving average of $5.97 and a 200-day simple moving average of $6.15. The firm has a market cap of $2.24 billion, a P/E ratio of -24.23, a price-to-earnings-growth ratio of 0.61 and a beta of 1.04. Melco Resorts & Entertainment has a 1 year low of $4.78 and a 1 year high of $9.39.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the business. ARGA Investment Management LP raised its holdings in Melco Resorts & Entertainment by 1.6% in the fourth 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 in the last quarter. Coronation Fund Managers Ltd. increased its position in shares of 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 worth $101,835,000 after purchasing an additional 1,705,872 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of 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 purchasing an additional 238,884 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Melco Resorts & Entertainment by 88.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock worth $2,963,000 after purchasing an additional 178,993 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Melco Resorts & Entertainment by 124.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock worth $1,869,000 after purchasing an additional 133,086 shares in the last quarter. 39.62% of the stock is currently owned by hedge funds and other 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.