Melco Resorts & Entertainment (NASDAQ:MLCO) Lowered to Buy Rating by Wall Street Zen

Melco Resorts & Entertainment (NASDAQ:MLCO) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

Other equities analysts have also issued reports about the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Wednesday, October 8th. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research report on Wednesday, September 3rd. Zacks Research downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Finally, JPMorgan Chase & Co. increased their target price on Melco Resorts & Entertainment from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.40.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $8.01 on Friday. Melco Resorts & Entertainment has a 12 month low of $4.55 and a 12 month high of $10.15. The company has a fifty day moving average price of $8.48 and a two-hundred day moving average price of $8.57. The company has a market cap of $3.36 billion, a PE ratio of 30.81 and a beta of 0.64.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.21 EPS for the quarter, beating 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 net margin of 2.06% and a negative return on equity of 23.00%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 EPS. Equities research analysts anticipate that Melco Resorts & Entertainment will post 0.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Melco Resorts & Entertainment by 21.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 429,131 shares of the company’s stock valued at $2,262,000 after purchasing an additional 75,935 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Melco Resorts & Entertainment by 1,819.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after purchasing an additional 5,211,263 shares during the period. Trexquant Investment LP grew its position in Melco Resorts & Entertainment by 15.2% in the 1st quarter. Trexquant Investment LP now owns 1,306,608 shares of the company’s stock valued at $6,886,000 after buying an additional 171,960 shares in the last quarter. Hudson Bay Capital Management LP grew its position in Melco Resorts & Entertainment by 271.3% in the 2nd quarter. Hudson Bay Capital Management LP now owns 1,473,502 shares of the company’s stock valued at $10,653,000 after buying an additional 1,076,606 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Melco Resorts & Entertainment during the 2nd quarter valued at about $1,000,000. Institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

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.