Market Analysts see Melco Resorts & Entertainment Limited [MLCO] gaining to $10. Time to buy?

Melco Resorts & Entertainment Limited [NASDAQ: MLCO] slipped around -0.96 points on Monday, while shares priced at $11.07 at the close of the session, down -7.98%. The company report on December 18, 2022 that Melco Announces Further Details of Gaming Concession.

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The Concession is granted by the Macau Special Administrative Region of the People’s Republic of China (“Macau SAR”) to Melco Resorts Macau as the Concessionaire. The term of the Concession commences on January 1, 2023 and ends on December 31, 2032. Under the Concession, Melco Resorts Macau is authorised to operate the Altira Casino, the City of Dreams Casino and the Studio City Casino as well as the Grand Dragon Casino and the Mocha Clubs. The Macau SAR government has allocated 750 gaming tables and 2,100 electronic gaming machines for operation by the Concessionaire during the Concession.

Melco Resorts & Entertainment Limited stock is now 8.74% up from its year-to-date (YTD) trading value. MLCO Stock saw the intraday high of $11.46 and lowest of $10.74 per share. The company’s 52-week high price is 12.35, which means current price is +172.66% above from all time high which was touched on 12/16/22.

Compared to the average trading volume of 6.77M shares, MLCO reached a trading volume of 6334342 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]?

JP Morgan have made an estimate for Melco Resorts & Entertainment Limited shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on November 28, 2022. The new note on the price target was released on October 18, 2022, representing the official price target for Melco Resorts & Entertainment Limited stock. On May 06, 2022, analysts decreased their price target for MLCO shares from 7.84 to 7.73.

The Average True Range (ATR) for Melco Resorts & Entertainment Limited is set at 0.72, with the Price to Sales ratio for MLCO stock in the period of the last 12 months amounting to 3.24.

How has MLCO stock performed recently?

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 -3.91. With this latest performance, MLCO shares gained by 44.90% in over the last four-week period, additionally plugging by 103.12% over the last 6 months – not to mention a rise of 18.52% 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 65.58, with the RSI for the last a single of trading hit 61.54, and the three-weeks RSI is set at 65.99 for Melco Resorts & Entertainment Limited [MLCO]. The present Moving Average for the last 50 days of trading for this stock 7.63, while it was recorded at 11.68 for the last single week of trading, and 6.42 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 2.30.

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

There are presently around $1,967 million, or 43.40% 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 29,570,341, which is approximately 13.845% of the company’s market cap and around 33.50% of the total institutional ownership; HARDMAN JOHNSTON GLOBAL ADVISORS LLC, holding 19,201,192 shares of the stock with an approximate value of $212.56 million in MLCO stocks shares; and CITADEL ADVISORS LLC, currently with $122.13 million in MLCO stock with ownership of nearly 14.046% of the company’s market capitalization.

Positions in Melco Resorts & Entertainment Limited stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 87 institutional holders increased their position in Melco Resorts & Entertainment Limited [NASDAQ:MLCO] by around 31,868,213 shares. Additionally, 91 investors decreased positions by around 28,467,073 shares, while 31 investors held positions by with 117,348,039 shares. The mentioned changes placed institutional holdings at 177,683,325 shares, according to the latest SEC report filing. MLCO stock had 29 new institutional investments in for a total of 5,983,467 shares, while 30 institutional investors sold positions of 2,392,754 shares during the same period.


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