Zacks Investment Research upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a sell rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.
According to Zacks, “Melco Resorts & Entertainment Ltd is a developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Asia. Melco Resorts & Entertainment Ltd, formerly known as Melco Crown Entertainment Limited, is based in Hong Kong. “
MLCO has been the subject of a number of other research reports. Credit Suisse Group raised shares of Melco Resorts & Entertainment from an underperform rating to an outperform rating in a research report on Wednesday, November 24th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an equal weight rating to an overweight rating and set a $13.00 price target on the stock in a research note on Monday, December 13th. JPMorgan Chase & Co. downgraded shares of Melco Resorts & Entertainment from an overweight rating to a neutral rating and set a $10.00 price objective for the company. in a research report on Thursday, September 16th. Finally, Citigroup cut their target price on shares of Melco Resorts & Entertainment from $14.50 to $13.50 in a research note on Monday, January 10th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of Buy and a consensus price target of $13.48.
Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, November 9th. The company reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.05). Melco Resorts & Entertainment had a negative net margin of 41.34% and a negative return on equity of 53.40%. The business had revenue of $446.40 million for the quarter, compared to the consensus estimate of $508.65 million. During the same period last year, the firm posted ($0.66) EPS. The business’s quarterly revenue was up 109.7% on a year-over-year basis. As a group, analysts predict that Melco Resorts & Entertainment will post -1.19 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. Invesco Ltd. raised its position in shares of Melco Resorts & Entertainment by 65.0% in the 2nd quarter. Invesco Ltd. now owns 70,796 shares of the company’s stock worth $1,172,000 after purchasing an additional 27,887 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in shares of Melco Resorts & Entertainment by 31.5% during the 2nd quarter. Great West Life Assurance Co. Can now owns 107,828 shares of the company’s stock valued at $1,786,000 after acquiring an additional 25,800 shares during the period. Ergoteles LLC bought a new position in shares of Melco Resorts & Entertainment during the 2nd quarter valued at approximately $353,000. Shell Asset Management Co. grew its stake in shares of Melco Resorts & Entertainment by 397.2% during the 2nd quarter. Shell Asset Management Co. now owns 111,205 shares of the company’s stock valued at $1,843,000 after acquiring an additional 88,839 shares during the period. Finally, Vontobel Holding Ltd. boosted its stake in Melco Resorts & Entertainment by 222.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 46,810 shares of the company’s stock worth $479,000 after purchasing an additional 32,292 shares during the period. Hedge funds and other institutional investors own 38.91% of the company’s stock.
Melco Resorts & Entertainment Company Profile
Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.
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