Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Crosses Above Fifty Day Moving Average – Time to Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $4.50 and traded as high as $4.74. Melco Resorts & Entertainment shares last traded at $4.71, with a volume of 3,370,655 shares changing hands.

Trending Headlines about Melco Resorts & Entertainment

Here are the key news stories impacting Melco Resorts & Entertainment this week:

• Positive Sentiment: Melco earned $0.02 per share, beating analysts’ estimate of a $0.03 loss. The earnings surprise was a positive compared with expectations, although profit was below the $0.21 per share reported a year earlier. Zacks Q3 earnings report
• Negative Sentiment: Revenue was $1.17 billion, below the $1.21 billion analyst estimate and down 10.4% year over year. The revenue shortfall and steep decline in earnings from a year ago temper the positive EPS surprise. MarketScreener earnings results

Analyst Ratings Changes

A number of brokerages have commented on MLCO. Citigroup started coverage on Melco Resorts & Entertainment in a research report on Monday, October 12th. They set a “buy” rating and a $9.40 price target for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Tuesday, August 18th. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their target price for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Piper Sandler set a $5.50 price target on shares of Melco Resorts & Entertainment in a report on Friday, October 16th. Finally, Texas Capital cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 16th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given 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 $6.83.

Melco Resorts & Entertainment Trading Up 12.1%

The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 7.85, a P/E/G ratio of 3.24 and a beta of 0.49. The firm’s 50-day moving average is $4.50 and its two-hundred day moving average is $5.37.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.05. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the firm posted $0.21 EPS. Melco Resorts & Entertainment’s revenue was down 10.4% compared to the same quarter last year. On average, analysts predict that Melco Resorts & Entertainment Limited will post 0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MLCO. Parallel Advisors LLC lifted its holdings in Melco Resorts & Entertainment by 255.6% in the 3rd quarter. Parallel Advisors LLC now owns 8,453 shares of the company’s stock valued at $38,000 after purchasing an additional 6,076 shares in the last quarter. Leo Wealth LLC acquired a new stake in Melco Resorts & Entertainment during the 3rd quarter worth $54,000. Signaturefd LLC grew its holdings in shares of Melco Resorts & Entertainment by 30.4% during the third quarter. Signaturefd LLC now owns 15,108 shares of the company’s stock worth $68,000 after buying an additional 3,526 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of Melco Resorts & Entertainment by 24.0% during the second quarter. Integrated Wealth Concepts LLC now owns 15,500 shares of the company’s stock worth $82,000 after buying an additional 3,000 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter valued at about $73,000. 39.62% of the stock is owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality, entertainment, dining, retail and convention services. The company’s properties combine casinos with luxury hotels, restaurants, shopping areas, theaters and other leisure attractions.

Melco operates several major resorts in Macau, including City of Dreams, Altira Macau and Studio City. Its Macau operations also include the Mocha Clubs electronic gaming-machine business.