Wall Street Zen Downgrades Melco Resorts & Entertainment (NASDAQ:MLCO) to Hold

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

Other equities research analysts have also issued reports about the company. CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. Morgan Stanley downgraded Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday, June 22nd. Finally, CLSA lowered Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price target on the stock. in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment has a consensus rating of “Hold” and a consensus price target of $8.47.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO opened at $5.38 on Friday. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 3.35 and a beta of 0.58. The stock has a 50 day moving average price of $5.57 and a 200 day moving average price of $6.11. Melco Resorts & Entertainment has a 52-week low of $5.07 and a 52-week high of $10.15.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the business. FIL Ltd acquired a new position in Melco Resorts & Entertainment during the fourth quarter valued at $35,198,000. Arrowstreet Capital Limited Partnership boosted its holdings in Melco Resorts & Entertainment by 67.3% in the third 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 35.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after purchasing an additional 2,934,127 shares during the period. Balyasny Asset Management L.P. grew its position in Melco Resorts & Entertainment by 257.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock worth $29,253,000 after purchasing an additional 2,784,251 shares during the period. Finally, National Bank of Canada FI raised its stake in shares of Melco Resorts & Entertainment by 71,281.5% during the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock valued at $20,233,000 after buying an additional 2,203,311 shares during the last quarter. Institutional investors and hedge funds 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.