Home  »  Business   »  Why Melco Resorts & Entertainment Limited (NA...

Why Melco Resorts & Entertainment Limited (NASDAQ: MLCO) Stock Shouldn’t Be Ignored In 2023

In the last trading session, 5.18 million shares of the Melco Resorts & Entertainment Limited (NASDAQ:MLCO) were traded, and its beta was 1.19. Most recently the company’s share price was $10.83, and it changed around -$0.58 or -5.08% from the last close, which brings the market valuation of the company to $4.68B. MLCO currently trades at a discount to its 52-week high of $14.45, offering almost -33.43% off that amount. The share price’s 52-week low was $4.61, which indicates that the current value has risen by an impressive 57.43% since then. We note from Melco Resorts & Entertainment Limited’s average daily trading volume that its 10-day average is 3.63 million shares, with the 3-month average coming to 3.09 million.

Melco Resorts & Entertainment Limited stock received a consensus recommendation rating of an Overweight, based on a mean score of 1.80. If we narrow it down even further, the data shows that 0 out of 13 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 4 recommended MLCO as a Hold, whereas 9 deemed it a Buy, and 0 rated it as Underweight. Melco Resorts & Entertainment Limited is expected to report earnings per share of $0 for the current quarter.

Top 5 EV Tech Stocks to Buy for 2023

According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.

Click Here to Download the FREE Report.


Melco Resorts & Entertainment Limited (NASDAQ:MLCO) trade information

Instantly MLCO has showed a red trend with a performance of -5.08% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of 11.87 on Tuesday, 05/23/23 increased the stock’s daily price by 8.76%. The company’s shares are currently down -5.83% year-to-date, but still down -4.16% over the last five days. On the other hand, Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is -21.86% down in the 30-day period. We can see from the shorts that 6.72 million shares have been sold at a short interest cover period of 2.4 day(s).

Melco Resorts & Entertainment Limited (MLCO) estimates and forecasts

Melco Resorts & Entertainment Limited share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 45.76 percent over the past six months and at a 90.58% annual growth rate that is well above the industry average of 5.00%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will gain 100.00% in revenue this quarter, and will report an increase of 133.30% in the next quarter. The year-over-year growth rate is expected to be 176.40%, up from the previous year.

Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $876.13 million in revenue for the current quarter. 2 analysts expect Melco Resorts & Entertainment Limited to make $950.09 million in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $296.11 million and $295.93 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 195.90%. Forecasts for the next quarter put sales growth at 221.10%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -37.40%. Melco Resorts & Entertainment Limited earnings are expected to increase by -18.20% in 2023, but the outlook is positive 8.00% per year for the next five years.

MLCO Dividends

Melco Resorts & Entertainment Limited’s next quarterly earnings report is expected to be released around May 03 and May 08.

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.00% of Melco Resorts & Entertainment Limited shares, and 45.26% of them are in the hands of institutional investors. The stock currently has a share float of 45.26%. Melco Resorts & Entertainment Limited stock is held by 269 institutions, with ARGA Investment Management, LP being the largest institutional investor. By Mar 30, 2023, it held 5.23% of the shares, which is about 28.43 million shares worth $361.92 million.

Wellington Management Group, LLP, with 3.24% or 17.59 million shares worth $223.98 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Smallcap World Fund and Vanguard International Value Fund were the top two Mutual Funds as of Dec 30, 2022. The former held 16.92 million shares worth $194.56 million, making up 3.11% of all outstanding shares. On the other hand, Vanguard International Value Fund held roughly 9.94 million shares worth around $135.73 million, which represents about 1.83% of the total shares outstanding.

On Key

Related Posts