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

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

Several other research firms have also recently issued reports on MLCO. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. UBS Group upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective on the stock in a report on Monday, February 16th. JPMorgan Chase & Co. restated a “neutral” rating and set a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. Finally, Texas Capital upgraded shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $9.06.

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock opened at $5.46 on Friday. The company has a market capitalization of $2.13 billion, a PE ratio of 11.87 and a beta of 0.58. The firm’s 50-day moving average is $5.98 and its two-hundred day moving average is $7.69. Melco Resorts & Entertainment has a 12 month low of $4.55 and a 12 month high of $10.15.

Institutional Trading of Melco Resorts & Entertainment

A number of institutional investors have recently bought and sold shares of MLCO. Arrowstreet Capital Limited Partnership raised its position in Melco Resorts & Entertainment by 67.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after purchasing an additional 3,700,980 shares during the last quarter. Coronation Fund Managers Ltd. grew its position in Melco Resorts & Entertainment by 2.9% during the 4th quarter. Coronation Fund Managers Ltd. now owns 8,335,219 shares of the company’s stock worth $63,098,000 after purchasing an additional 231,305 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Melco Resorts & Entertainment by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after purchasing an additional 846,504 shares during the period. FIL Ltd purchased a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at about $35,198,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Melco Resorts & Entertainment by 257.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after buying an additional 2,784,251 shares during the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.