Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded at Wall Street Zen

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

A number of other equities analysts also recently weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Wednesday, October 8th. Zacks Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. JPMorgan Chase & Co. lifted their target price 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, CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Hold” and a consensus price target of $8.40.

Melco Resorts & Entertainment Trading Down 1.6%

Shares of NASDAQ MLCO opened at $7.98 on Friday. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $10.15. The firm has a 50-day moving average of $8.51 and a two-hundred day moving average of $8.49. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 30.69 and a beta of 0.64.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.10. The business had revenue of $1.31 billion during 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 company’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.06 EPS. As a group, research analysts predict that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. Nuveen LLC purchased a new position in shares of Melco Resorts & Entertainment in the first quarter valued at $31,946,000. Arrowstreet Capital Limited Partnership lifted its position in Melco Resorts & Entertainment by 1,819.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock valued at $39,748,000 after purchasing an additional 5,211,263 shares during the last quarter. WCM Investment Management LLC purchased a new position in shares of Melco Resorts & Entertainment in the 3rd quarter worth $35,665,000. Brightlight Capital Management LP purchased a new position in shares of Melco Resorts & Entertainment in the 1st quarter worth $15,141,000. Finally, National Bank of Canada FI increased its holdings in shares of Melco Resorts & Entertainment by 71,281.5% in the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after buying an additional 2,203,311 shares during the last quarter. 39.62% of the stock is owned by institutional investors.

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.