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Melco Resorts & Entertainment Limited (NASDAQ: MLCO): Blank Check On Growth?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) price on Thursday, May 26, rose 8.42% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $5.15.

A look at the stock’s price movement, the level at last check in today’s session was $4.75, moving within a range at $4.65 and $4.935. The beta value (5-Year monthly) was 1.78. Turning to its 52-week performance, $17.98 and $4.06 were the 52-week high and 52-week low respectively. Overall, MLCO moved -18.94% over the past month.

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Melco Resorts & Entertainment Limited’s market cap currently stands at around $2.26 billion, with investors looking forward to this quarter’s earnings report slated for Jul 25, 2022 – Jul 29, 2022.

Wall Street analysts have also projected the company’s year-on-year revenue for 2022 to grow to $1.99 billion, representing a 4.30% jump on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that MLCO is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.

14 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 4 analyst(s) rate the stock as a Hold, 9 recommend MLCO as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Overweight which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

MLCO’s current price about -1.30% and -20.48% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 43.10, while 7-day volatility ratio is 7.19% and 8.68% in the 30-day chart. Further, Melco Resorts & Entertainment Limited (MLCO) has a beta value of 1.74, and an average true range (ATR) of 0.44. Analysts have given the company’s stock an average 52-week price target of $10.20, forecast between a low of $6.30 and high of $13.60. Looking at the price targets, the low is -22.33% off recent price level in today’s trading while to achieve the yearly target high, it has to move -164.08%. Nonetheless, investors will most likely welcome a -111.65% jump to $10.90 which is the analysts’ median price.

In the market, a comparison of Melco Resorts & Entertainment Limited (MLCO) and its peers suggest the former has performed considerably stronger. Data shows MLCO’s intraday price has changed 8.42% today and -72.65% over the past year. Looking at another peer, we see that Las Vegas Sands Corp. (LVS) price has gained 6.70% on the day. However, the stock is -45.65% off its price today a year ago. Moreover, Wynn Resorts Limited (WYNN) is also up 7.47% in today’s trading while keeping a a downtrend of -54.91% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are up 1.80% and 1.53% respectively on the day as seen in early trades.

If we refocus on Melco Resorts & Entertainment Limited (NASDAQ:MLCO), historical trading data shows that trading volumes averaged 6.25 million over the past 10 days and 4.90 million over the past 3 months. The company’s latest data on shares outstanding shows there are 475.46 million shares.

The 33.50% of Melco Resorts & Entertainment Limited’s shares are in the hands of company insiders while institutional holders own 41.60% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 10.36 million on May 12, 2022, giving us a short ratio of 2.15. The data shows that as of May 12, 2022 short interest in Melco Resorts & Entertainment Limited (MLCO) stood at 2.19% of shares outstanding, with shares short rising to 7.87 million registered in Apr 13, 2022. Current price change has pushed the stock -53.34% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the MLCO stock continues to rise going into the next quarter.

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