Seaport Res Ptn Has Negative Outlook of MLCO FY2024 Earnings

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Stock analysts at Seaport Res Ptn reduced their FY2024 earnings estimates for Melco Resorts & Entertainment in a research note issued on Tuesday, November 5th. Seaport Res Ptn analyst V. Umansky now forecasts that the company will earn $0.21 per share for the year, down from their previous estimate of $0.29. The consensus estimate for Melco Resorts & Entertainment’s current full-year earnings is $0.21 per share. Seaport Res Ptn also issued estimates for Melco Resorts & Entertainment’s Q4 2024 earnings at $0.07 EPS and FY2025 earnings at $0.47 EPS.

Several other research firms have also issued reports on MLCO. Bank of America reduced their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a report on Monday, August 12th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $9.82.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $7.12 on Thursday. The business’s 50 day simple moving average is $6.69 and its 200 day simple moving average is $6.81. Melco Resorts & Entertainment has a 1 year low of $4.78 and a 1 year high of $9.56. The company has a market capitalization of $3.16 billion, a P/E ratio of -22.25, a P/E/G ratio of 0.79 and a beta of 1.07.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the company earned ($0.02) EPS. The business’s revenue for the quarter was up 22.3% on a year-over-year basis.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC grew its stake in shares of Melco Resorts & Entertainment by 7.7% in the first quarter. Janney Montgomery Scott LLC now owns 124,379 shares of the company’s stock worth $897,000 after purchasing an additional 8,945 shares during the last quarter. Fore Capital LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at about $267,000. Russell Investments Group Ltd. bought a new stake in Melco Resorts & Entertainment in the 1st quarter valued at about $56,000. Bleakley Financial Group LLC raised its stake in Melco Resorts & Entertainment by 1.1% during the 1st quarter. Bleakley Financial Group LLC now owns 264,989 shares of the company’s stock worth $1,911,000 after buying an additional 2,961 shares during the period. Finally, Seven Eight Capital LP bought a new stake in shares of Melco Resorts & Entertainment during the first quarter valued at approximately $1,319,000. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

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.