Melco Resorts & Entertainment (NASDAQ:MLCO) Hits New 52-Week Low – Should You Sell?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) hit a new 52-week low during trading on Wednesday . The stock traded as low as $4.64 and last traded at $4.64, with a volume of 1958326 shares changing hands. The stock had previously closed at $4.81.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MLCO shares. JPMorgan Chase & Co. cut their price target on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Susquehanna set a $7.00 target price on shares of Melco Resorts & Entertainment in a research report on Friday, August 14th. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Tuesday, August 18th. Finally, Morgan Stanley lowered Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.27.

Melco Resorts & Entertainment Stock Performance

The stock has a 50 day moving average price of $5.35 and a 200 day moving average price of $5.50. The company has a market capitalization of $1.78 billion, a P/E ratio of 7.80, a PEG ratio of 3.46 and a beta of 0.58.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.06 earnings per share for the quarter, meeting the consensus estimate of $0.06. Melco Resorts & Entertainment had a net margin of 4.50% and a negative return on equity of 23.81%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the business earned $0.04 earnings per share. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.42 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised its holdings in shares of Melco Resorts & Entertainment by 24.0% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock worth $82,000 after purchasing an additional 3,000 shares during the period. Headlands Technologies LLC bought a new position in Melco Resorts & Entertainment during the second quarter valued at $73,000. Baron Wealth Management LLC bought a new position in Melco Resorts & Entertainment during the second quarter valued at $95,000. GAMMA Investing LLC increased its position in Melco Resorts & Entertainment by 71.5% in the second quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock worth $40,000 after buying an additional 3,155 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Melco Resorts & Entertainment by 1,370.8% in the first quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock worth $29,000 after buying an additional 4,702 shares during the last quarter. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality and entertainment. The company’s properties combine casino operations with hotels, restaurants, retail, convention space and leisure attractions.

Melco operates in Macau, including City of Dreams Macau, Studio City Macau and Altira Macau. Its portfolio also includes City of Dreams Manila in the Philippines and City of Dreams Mediterranean in Cyprus, along with satellite casinos in Cyprus.