Point72 Asset Management L.P. Makes New Investment in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Point72 Asset Management L.P. purchased a new stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the second quarter, HoldingsChannel.com reports. The fund purchased 390,598 shares of the company’s stock, valued at approximately $2,914,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its stake in Melco Resorts & Entertainment by 22.6% in the 1st quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock valued at $154,728,000 after buying an additional 3,958,998 shares during the last quarter. Invenomic Capital Management LP bought a new stake in Melco Resorts & Entertainment during the first quarter valued at about $15,963,000. Coronation Fund Managers Ltd. grew its position in shares of Melco Resorts & Entertainment by 16.2% in the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock valued at $115,636,000 after purchasing an additional 2,166,524 shares during the last quarter. Eminence Capital LP increased its stake in shares of Melco Resorts & Entertainment by 14.0% in the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after purchasing an additional 2,154,509 shares during the period. Finally, ARGA Investment Management LP lifted its position in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Trading Down 1.3 %

Shares of MLCO stock opened at $8.06 on Thursday. The company has a market capitalization of $3.59 billion, a P/E ratio of -19.19, a P/E/G ratio of 1.00 and a beta of 1.03. Melco Resorts & Entertainment Limited has a 12 month low of $4.78 and a 12 month high of $9.56. The stock has a 50 day moving average of $5.75 and a two-hundred day moving average of $6.77.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share 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 prior year, the firm earned ($0.02) EPS. The firm’s quarterly revenue was up 22.3% on a year-over-year basis. Sell-side analysts predict that Melco Resorts & Entertainment Limited will post 0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.