Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is a stock to watch today. At current price of $21.25, the shares have already added 0.42 points (2.02% higher) from its previous close of $20.83. The stock sets an active trading volume day with a reported 886444 contracts so far this session. MLCO shares had a relatively better volume day versus average trading capacity of 1.38 million shares, but with a 0.48 billion float and a -5.92% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MLCO stock indicates that the average analyst price target is $28.64 per share. This means the stock has a potential increase of 34.78% from where the MLCO share price has been trading recently which is between $20.58 and $21.2.
During the recent trading session for Melco Resorts & Entertainment Limited (NASDAQ:MLCO), the company witnessed their stock drop by $-0.61 over a week and tumble down $-1.29 from the price 20 days ago. When compared to their established 52-week high of $26.97, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 04/29/19. The recent low of $16.5 stood for a -21.21% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.86 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Melco Resorts & Entertainment Limited, the two-week RSI stands at 48.24. This figure suggests that MLCO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MLCO readings is similarly very revealing as it has a stochastic reading of 25.82% at this stage. This figure means that MLCO share price today is being overbought.
Technical chart claims that Melco Resorts & Entertainment Limited (MLCO) would settle between $21.16/share to $21.49/share level. However, if the stock price goes below the $20.54 mark, then the market for Melco Resorts & Entertainment Limited becomes much weaker. If that happens, the stock price might even plunge as low as $20.25 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.36. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Daiwa Securities raised their recommendation on shares of MLCO from Outperform to Buy in their opinion released on July 30. CLSA analysts bumped their rating on Melco Resorts & Entertainment Limited (NASDAQ:MLCO) stock from Outperform to Buy in a separate flash note issued to investors on July 24. Analysts at Wolfe Research lowered the stock to a Peer Perform call from its previous Outperform recommendation, in a research note that dated back to May 08.
MLCO equity has an average rating of 2.51, with the figure leaning towards a bullish end. 16 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 15 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 15 analysts rated Melco Resorts & Entertainment Limited (NASDAQ:MLCO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, MLCO stock price is currently trading at 16.12X forward 12-month Consensus EPS estimates, and its P/E ratio is 22.3 while for the average stock in the same group, the multiple is 37.7. Melco Resorts & Entertainment Limited current P/B ratio of 4 means it is trading at a discount against its industry’s 4.1.
Melco Resorts & Entertainment Limited (MLCO)’s current-quarter revenues are projected to climb by nearly 8.6% to hit $1.52 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 11.1% from $5.16 billion to a noteworthy $5.73 billion. At the other end of the current quarter income statement, Melco Resorts & Entertainment Limited is expected to see its adjusted earnings surge by roughly 7.4% to hit $0.29 per share. For the fiscal year, MLCO’s earnings are projected to climb by roughly 34.2% to hit $0.98 per share.