CLSA slashes price target on Melco Resorts & Entertainment Limited [MLCO] – find out why.

Melco Resorts & Entertainment Limited [NASDAQ: MLCO] jumped around 0.23 points on Tuesday, while shares priced at $6.05 at the close of the session, up 3.95%. The company report on September 14, 2022 that Melco Announces Submission of Tender Proposal for Gaming Concession.

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Melco Resorts & Entertainment Limited (Nasdaq: MLCO), a developer, owner and operator of integrated resort facilities in Asia and Europe, announces that today, on September 14, 2022, Melco Resorts (Macau) Limited, a subsidiary of the Company, submitted its detailed proposal in relation to the public tender for new gaming concessions launched by the Macau Government in July this year.

Mr. Lawrence Ho, Chairman and Chief Executive Officer commented, “I would like to thank the Macau government for this opportunity. Our proposal reinforces our commitment to Macau and the further diversification of its economy. We look forward to playing a leadership role in partnering with the Macau government to execute on the government’s vision.”.

Melco Resorts & Entertainment Limited stock is now -40.57% down from its year-to-date (YTD) trading value. MLCO Stock saw the intraday high of $6.44 and lowest of $5.98 per share. The company’s 52-week high price is 12.40, which means current price is +49.01% above from all time high which was touched on 01/20/22.

Compared to the average trading volume of 3.29M shares, MLCO reached a trading volume of 9935651 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Melco Resorts & Entertainment Limited [MLCO]?

CLSA have made an estimate for Melco Resorts & Entertainment Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 06, 2022. The new note on the price target was released on December 14, 2021, representing the official price target for Melco Resorts & Entertainment Limited stock. Previously, the target price had yet another raise to $10, while JP Morgan analysts kept a Neutral rating on MLCO stock.

The Average True Range (ATR) for Melco Resorts & Entertainment Limited is set at 0.41, with the Price to Sales ratio for MLCO stock in the period of the last 12 months amounting to 1.71.

How has MLCO stock performed recently?

Melco Resorts & Entertainment Limited [MLCO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 10.20. With this latest performance, MLCO shares gained by 12.87% in over the last four-week period, additionally sinking by -23.61% over the last 6 months – not to mention a drop of -41.55% 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 60.82, with the RSI for the last a single of trading hit 66.07, and the three-weeks RSI is set at 57.60 for Melco Resorts & Entertainment Limited [MLCO]. The present Moving Average for the last 50 days of trading for this stock 5.41, while it was recorded at 5.81 for the last single week of trading, and 7.31 for the last 200 days.

Melco Resorts & Entertainment Limited [MLCO]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Melco Resorts & Entertainment Limited [MLCO] shares currently have an operating margin of -26.97 and a Gross Margin at -1.81. Melco Resorts & Entertainment Limited’s Net Margin is presently recorded at -40.34.

Return on Equity for this stock declined to -120.54, with Return on Assets sitting at -9.07.

Melco Resorts & Entertainment Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.40.

Insider trade positions for Melco Resorts & Entertainment Limited [MLCO]

There are presently around $1,055 million, or 40.10% of MLCO stock, in the hands of institutional investors. The top three institutional holders of MLCO stocks are: ARGA INVESTMENT MANAGEMENT, LP with ownership of 25,974,112, which is approximately 21.918% of the company’s market cap and around 33.50% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 19,803,003 shares of the stock with an approximate value of $119.81 million in MLCO stocks shares; and HARDMAN JOHNSTON GLOBAL ADVISORS LLC, currently with $116.75 million in MLCO stock with ownership of nearly -8.073% of the company’s market capitalization.

Positions in Melco Resorts & Entertainment Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 82 institutional holders increased their position in Melco Resorts & Entertainment Limited [NASDAQ:MLCO] by around 32,533,319 shares. Additionally, 149 investors decreased positions by around 38,884,596 shares, while 32 investors held positions by with 102,959,458 shares. The mentioned changes placed institutional holdings at 174,377,373 shares, according to the latest SEC report filing. MLCO stock had 21 new institutional investments in for a total of 3,225,258 shares, while 79 institutional investors sold positions of 5,671,679 shares during the same period.


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