Melco Resorts & Entertainment (NASDAQ:MLCO) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen lowered shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a strong-buy rating to a buy rating in a report released on Saturday morning.

MLCO has been the topic of several other research reports. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on shares of Melco Resorts & Entertainment from $10.50 to $11.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Finally, Zacks Research lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Hold” and a consensus target price of $8.40.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $8.01 on Friday. The stock has a market capitalization of $3.36 billion, a P/E ratio of 30.81 and a beta of 0.64. Melco Resorts & Entertainment has a 52 week low of $4.55 and a 52 week high of $10.15. The stock has a fifty day moving average of $8.48 and a 200-day moving average of $8.59.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.10. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.28 billion. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 earnings per share. Equities research analysts forecast that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in MLCO. Tudor Investment Corp ET AL acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $113,000. CANADA LIFE ASSURANCE Co lifted its holdings in Melco Resorts & Entertainment by 15.1% during the third quarter. CANADA LIFE ASSURANCE Co now owns 23,260 shares of the company’s stock worth $228,000 after acquiring an additional 3,060 shares in the last quarter. Caxton Associates LLP acquired a new position in Melco Resorts & Entertainment in the third quarter valued at about $3,677,000. PharVision Advisers LLC acquired a new position in Melco Resorts & Entertainment in the third quarter valued at about $406,000. Finally, Voloridge Investment Management LLC bought a new stake in shares of Melco Resorts & Entertainment in the third quarter worth about $8,312,000. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.