Brokers Issue Forecasts for Melco Resorts & Entertainment Limited’s FY2024 Earnings (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Equities researchers at Seaport Res Ptn raised their FY2024 earnings estimates for shares of Melco Resorts & Entertainment in a research report issued on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky now expects that the company will post earnings per share of $0.35 for the year, up from their previous estimate of $0.28. The consensus estimate for Melco Resorts & Entertainment’s current full-year earnings is $0.28 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment’s FY2025 earnings at $0.68 EPS.

MLCO has been the subject of a number of other reports. Citigroup lifted their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Bank of America raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and lifted their price target for the company from $7.50 to $10.40 in a research report on Wednesday, May 29th. Susquehanna lowered their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research report on Monday, April 29th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $8.30 to $9.60 in a research report on Monday, May 6th. Finally, StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.26.

Melco Resorts & Entertainment Stock Up 0.3 %

NASDAQ:MLCO opened at $7.92 on Thursday. Melco Resorts & Entertainment has a 12 month low of $6.10 and a 12 month high of $13.91. The company has a 50-day moving average price of $7.67 and a 200-day moving average price of $7.89.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the company posted ($0.14) EPS. The company’s quarterly revenue was up 55.2% compared to the same quarter last year.

Institutional Trading of Melco Resorts & Entertainment

A number of large investors have recently made changes to their positions in MLCO. Capital Research Global Investors grew its stake in shares of Melco Resorts & Entertainment by 22.6% in the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after acquiring an additional 3,958,998 shares during the period. Invenomic Capital Management LP bought a new stake in shares of Melco Resorts & Entertainment in the first quarter worth approximately $15,963,000. ARGA Investment Management LP grew its stake in shares of Melco Resorts & Entertainment by 6.1% in the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after acquiring an additional 1,695,442 shares during the period. TORQ CAPITAL MANAGEMENT HK Ltd grew its stake in shares of Melco Resorts & Entertainment by 268.5% in the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock worth $16,140,000 after acquiring an additional 1,325,878 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Melco Resorts & Entertainment by 92.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,216,700 shares of the company’s stock worth $15,982,000 after acquiring an additional 1,066,600 shares during the period. 39.62% of the stock is currently owned by 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.