Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in Focus: Analysts Unveil $9.00 Price Target The world of gaming and hospitality is abuzz with the latest developments, and Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is at the forefront of this exciting sector. With a portfolio of iconic properties spanning the globe, this industry leader continues to capture the attention of investors and analysts alike. According to MarketBeat, a leading provider of financial data and insights, a consensus of analysts has set a target price of $9.00 for Melco Resorts & Entertainment Limited (NASDAQ:MLCO). In this article, we’ll delve into the factors driving this projection and explore what this means for investors considering a stake in this highly-regarded gaming and hospitality giant.
Price Target and Analyst Recommendations
Several research firms have recently weighed in on MLCO. Morgan Stanley reiterated an “equal weight” rating and set a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Susquehanna lowered their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from Morningpicker, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.00.
Stock Performance and Trading Data
Recent Trading Activity
Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Free Report) dropped 4.1% during trading on Friday . The stock traded as low as $6.02 and last traded at $6.01. Approximately 254,035 shares traded hands during trading, a decline of 93% from the average daily volume of 3,746,906 shares. The stock had previously closed at $6.26.
Trading Volume
Approximately 254,035 shares of Melco Resorts & Entertainment were traded on Friday, which represents a significant decrease from the company’s average daily trading volume of 3,746,906 shares. This lower-than-average trading volume could indicate a decrease in investor interest or a period of consolidation in the stock price.
Stock Performance Metrics
- The firm’s 50-day simple moving average is $6.00
- Its 200-day simple moving average is $6.16
- Its market capitalization is $2.25 billion
Institutional Investors and Hedge Funds
Recent Buying and Selling Activity
Several large investors have recently bought and sold shares of Melco Resorts & Entertainment, including Wealthspire Advisors LLC, Mcdonald Partners LLC, State of New Jersey Common Pension Fund D, and ARGA Investment Management LP. This activity suggests that institutional investors are closely monitoring the company’s performance and making adjustments to their holdings accordingly.
Institutional Ownership
Institutional investors and hedge funds own 39.62% of the company’s stock. This significant institutional ownership indicates a level of confidence in the company’s long-term prospects and potential for growth.
Top Institutional Holders
- ARGA Investment Management LP
- Coronation Fund Managers Ltd.
- BNP Paribas Financial Markets
Company Overview and Profile
Company Description
Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. The company’s flagship property is City of Dreams, an integrated casino resort in Manila, Philippines, featuring 500 gaming tables, 800 gaming machines, 1,400 hotel rooms, a wet stage performance theater, and numerous dining, retail, and recreational amenities.
Key Properties
City of Dreams is a major integrated casino resort in Manila, Philippines, offering a comprehensive gaming experience with 500 gaming tables and 800 gaming machines, along with a range of entertainment options, dining venues, retail outlets, and recreational facilities. This property serves as a key driver of Melco Resorts & Entertainment’s revenue and profitability.
Recreation and Leisure Facilities
Beyond gaming, Melco Resorts & Entertainment offers a diverse range of recreation and leisure facilities, enhancing the overall entertainment experience for guests. These facilities include health and fitness clubs, swimming pools, spa and salon services, and banquet and meeting facilities. This diversification caters to a wider customer base and strengthens the company’s competitive edge.
Conclusion
safe