Frank Rimerman Advisors LLC Makes New Investment in Melco Resorts & Entertainment Limited $MLCO

Frank Rimerman Advisors LLC purchased a new stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,058 shares of the company’s stock, valued at approximately $80,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. DAVENPORT & Co LLC raised its position in Melco Resorts & Entertainment by 1.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock worth $631,000 after purchasing an additional 1,300 shares during the last quarter. Samalin Investment Counsel LLC increased its stake in shares of Melco Resorts & Entertainment by 0.9% in the 2nd quarter. Samalin Investment Counsel LLC now owns 263,773 shares of the company’s stock valued at $1,907,000 after buying an additional 2,461 shares during the period. Headlands Technologies LLC raised its position in shares of Melco Resorts & Entertainment by 4.2% during the first quarter. Headlands Technologies LLC now owns 70,239 shares of the company’s stock worth $370,000 after acquiring an additional 2,829 shares during the last quarter. Solstein Capital LLC lifted its stake in shares of Melco Resorts & Entertainment by 74.9% during the second quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after acquiring an additional 4,000 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in shares of Melco Resorts & Entertainment during the second quarter valued at $38,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MLCO. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Melco Resorts & Entertainment from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research report on Wednesday, September 3rd. Zacks Research lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Finally, Citigroup raised their price objective on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a research note on Friday, August 1st. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $8.40.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $8.68 on Friday. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of 66.77 and a beta of 0.70. The company’s 50 day simple moving average is $8.70 and its 200 day simple moving average is $8.17. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.55 and a fifty-two week high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Thursday, November 6th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.11 by $0.10. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.28 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.06 earnings per share. As a group, analysts predict that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

Melco Resorts & Entertainment 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.