Seaport Res Ptn Brokers Lower Earnings Estimates for MLCO

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) – Research analysts at Seaport Res Ptn decreased their FY2024 EPS estimates for Melco Resorts & Entertainment in a research note issued on Tuesday, November 5th. Seaport Res Ptn analyst V. Umansky now anticipates that the company will post earnings per share of $0.21 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.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered shares of 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 note on Thursday, July 18th. Bank of America cut 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Melco Resorts & Entertainment Trading Up 0.4 %

Shares of NASDAQ MLCO opened at $6.77 on Thursday. The firm has a market capitalization of $3.00 billion, a PE ratio of -21.16, a PEG ratio of 0.79 and a beta of 1.07. Melco Resorts & Entertainment has a one year low of $4.78 and a one year high of $9.56. The business has a 50-day moving average price of $6.65 and a two-hundred day moving average price of $6.81.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued 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 net margin of 3.11% and a negative return on equity of 11.59%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the company posted ($0.02) earnings per share. Melco Resorts & Entertainment’s revenue was up 22.3% compared to the same quarter last year.

Institutional Trading of Melco Resorts & Entertainment

Large investors have recently modified their holdings of the company. Ridgewood Investments LLC bought a new position in Melco Resorts & Entertainment in the 2nd quarter worth $42,000. Blue Trust Inc. raised its stake in Melco Resorts & Entertainment by 243.4% during the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after purchasing an additional 5,191 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Melco Resorts & Entertainment during the 1st quarter worth approximately $56,000. Headlands Technologies LLC bought a new position in shares of Melco Resorts & Entertainment during the second quarter valued at $56,000. Finally, Pitcairn Co. acquired a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at $80,000. 39.62% of the stock is owned by institutional investors.

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.