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

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Other equities research analysts have also recently issued research reports about the stock. CLSA cut shares of Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 target price for the company. in a research report on Friday, June 5th. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.96.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ MLCO opened at $5.53 on Friday. The stock’s fifty day moving average price is $5.61 and its two-hundred day moving average price is $6.24. Melco Resorts & Entertainment has a one year low of $5.18 and a one year high of $10.15. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 9.53, a P/E/G ratio of 3.06 and a beta of 0.58.

Institutional Trading of Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in shares of Melco Resorts & Entertainment by 1,370.8% in the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock valued at $29,000 after purchasing an additional 4,702 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Melco Resorts & Entertainment by 177.7% during the 1st quarter. Bank of America Corp DE now owns 890,787 shares of the company’s stock worth $5,060,000 after buying an additional 570,060 shares in the last quarter. Amundi lifted its position in shares of Melco Resorts & Entertainment by 49.3% during the 1st quarter. Amundi now owns 15,646 shares of the company’s stock worth $89,000 after buying an additional 5,166 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Melco Resorts & Entertainment by 7.9% during the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock worth $25,342,000 after buying an additional 325,900 shares during the last quarter. Finally, Capula Management Ltd bought a new stake in shares of Melco Resorts & Entertainment during the 1st quarter worth $1,326,000. 39.62% of the stock is currently owned by 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.