Melco Resorts & Entertainment Limited [MLCO] stock Upgrade by HSBC Securities analyst, price target now $16.90

Melco Resorts & Entertainment Limited [NASDAQ: MLCO] stock went on a downward path that fall over -2.91% on Monday, amounting to a one-week price decrease of less than -8.04%. The company report on July 27, 2021 that Melco Announces Unaudited Second Quarter 2021 Earnings.

Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company”), a developer, owner, and operator of integrated resort facilities in Asia and Europe, reported its unaudited financial results for the second quarter of 2021.

Total operating revenues for the second quarter of 2021 were US$566.4 million, representing an increase of approximately 222% from US$175.9 million for the comparable period in 2020. The increase in total operating revenues was primarily attributable to an improved performance in all gaming segments and non-gaming operations as a result of a year-over-year increase in inbound tourism in Macau.

Over the last 12 months, MLCO stock dropped by -32.09%. The one-year Melco Resorts & Entertainment Limited stock forecast points to a potential upside of 36.72. The average equity rating for MLCO stock is currently 2.10, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $6.50 billion, with 479.27 million shares outstanding and 455.32 million shares in the current float. Compared to the average trading volume of 3.64M shares, MLCO stock reached a trading volume of 5277509 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Melco Resorts & Entertainment Limited [MLCO]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MLCO shares is $20.07 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MLCO stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

HSBC Securities have made an estimate for Melco Resorts & Entertainment Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 28, 2021. While these analysts kept the previous recommendation, HSBC Securities dropped their target price from $21.10 to $16.90. The new note on the price target was released on July 15, 2021, representing the official price target for Melco Resorts & Entertainment Limited stock. Previously, the target price had yet another raise to $19.96, while CLSA analysts kept a Buy rating on MLCO stock.

The Average True Range (ATR) for Melco Resorts & Entertainment Limited is set at 0.62, with the Price to Sales ratio for MLCO stock in the period of the last 12 months amounting to 3.56. The Price to Book ratio for the last quarter was 8.76.

MLCO Stock Performance Analysis:

Melco Resorts & Entertainment Limited [MLCO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.04. With this latest performance, MLCO shares dropped by -0.55% in over the last four-week period, additionally sinking by -41.64% over the last 6 months – not to mention a drop of -32.09% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MLCO stock in for the last two-week period is set at 43.32, with the RSI for the last a single of trading hit 40.48, and the three-weeks RSI is set at 43.36 for Melco Resorts & Entertainment Limited [MLCO]. The present Moving Average for the last 50 days of trading for this stock 13.81, while it was recorded at 13.75 for the last single week of trading, and 17.37 for the last 200 days.

Insight into Melco Resorts & Entertainment Limited Fundamentals:

Melco Resorts & Entertainment Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.00.

Melco Resorts & Entertainment Limited [MLCO] Insider Position Details

There are presently around $2,407 million, or 40.60% of MLCO stock, in the hands of institutional investors. The top three institutional holders of MLCO stocks are: HARDMAN JOHNSTON GLOBAL ADVISORS LLC with ownership of 21,274,824, which is approximately 3.348% of the company’s market cap and around 33.50% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 17,940,432 shares of the stock with an approximate value of $227.84 million in MLCO stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $202.19 million in MLCO stock with ownership of nearly -46.257% of the company’s market capitalization.

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129 institutional holders increased their position in Melco Resorts & Entertainment Limited [NASDAQ:MLCO] by around 35,390,389 shares. Additionally, 117 investors decreased positions by around 31,857,050 shares, while 55 investors held positions by with 122,245,126 shares. The mentioned changes placed institutional holdings at 189,492,565 shares, according to the latest SEC report filing. MLCO stock had 27 new institutional investments in for a total of 5,100,093 shares, while 39 institutional investors sold positions of 9,486,259 shares during the same period.

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