Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a hold rating to a buy rating in a research note issued to investors on Monday.

Other research analysts have also issued reports about the stock. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th. Texas Capital upgraded shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. Finally, UBS Group upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Monday, February 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.06.

Melco Resorts & Entertainment Trading Down 1.1%

Shares of MLCO opened at $5.31 on Monday. The firm’s 50-day moving average is $5.67 and its two-hundred day moving average is $6.85. Melco Resorts & Entertainment has a twelve month low of $5.22 and a twelve month high of $10.15. The firm has a market capitalization of $2.16 billion, a P/E ratio of 9.16, a PEG ratio of 3.76 and a beta of 0.60.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its holdings in Melco Resorts & Entertainment by 67.3% during 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 in the last quarter. Coronation Fund Managers Ltd. grew its holdings 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 valued at $63,098,000 after purchasing an additional 231,305 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Melco Resorts & Entertainment by 16.4% during the 1st 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 in the last quarter. FIL Ltd acquired a new stake in Melco Resorts & Entertainment during the 4th quarter valued at $35,198,000. Finally, Balyasny Asset Management L.P. grew its holdings 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 valued at $29,253,000 after purchasing an additional 2,784,251 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

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.