Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Gets Downgrade from UBS Group

Melco Resorts & Entertainment (NASDAQ:MLCO) was downgraded by analysts at UBS Group from a “buy” rating to a “sell” rating in a report issued on Thursday, MarketBeat reports. They currently have a $3.70 target price on the stock. UBS Group‘s price target would suggest a potential downside of 12.43% from the stock’s previous close.

Several other equities analysts also recently commented on MLCO. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Tuesday, August 18th. Texas Capital cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 16th. Citigroup initiated coverage on shares of Melco Resorts & Entertainment in a research note on Monday, October 12th. They set a “buy” rating and a $9.40 target price for the company. Piper Sandler set a $5.50 target price on shares of Melco Resorts & Entertainment in a report on Friday, October 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $5.72.

Melco Resorts & Entertainment Stock Down 4.0%

Shares of MLCO stock traded down $0.17 during trading on Thursday, reaching $4.22. 241,760 shares of the company’s stock were exchanged, compared to its average volume of 2,150,981. The stock has a market capitalization of $1.61 billion, a PE ratio of 10.28, a PEG ratio of 4.23 and a beta of 0.49. Melco Resorts & Entertainment has a twelve month low of $3.67 and a twelve month high of $9.53. The firm’s fifty day moving average price is $4.43 and its 200-day moving average price is $5.32.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.05. Melco Resorts & Entertainment had a negative return on equity of 14.47% and a net margin of 3.15%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm posted $0.21 EPS. The company’s quarterly revenue was down 10.4% on a year-over-year basis. As a group, analysts anticipate that Melco Resorts & Entertainment will post 0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in Melco Resorts & Entertainment by 1,370.8% during the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock worth $29,000 after buying an additional 4,702 shares during the period. GAMMA Investing LLC boosted its position in shares of Melco Resorts & Entertainment by 71.5% in the second quarter. GAMMA Investing LLC now owns 7,570 shares of the company’s stock valued at $40,000 after acquiring an additional 3,155 shares during the period. Leo Wealth LLC bought a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at about $54,000. Drive Wealth Management LLC acquired a new position in shares of Melco Resorts & Entertainment in the third quarter valued at about $55,000. Finally, Signaturefd LLC grew its stake in shares of Melco Resorts & Entertainment by 30.4% in the third quarter. Signaturefd LLC now owns 15,108 shares of the company’s stock valued at $68,000 after acquiring an additional 3,526 shares in the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment develops, owns and operates integrated resorts that combine casino gaming with hotels, dining, retail, entertainment and convention facilities. Its properties include City of Dreams, Studio City and Altira Macau, as well as City of Dreams Manila in the Philippines. The company has also developed and operated resort and casino facilities in Cyprus, extending its business beyond its core Macau and Philippine markets. Its offerings are designed to serve both gaming customers and visitors seeking hospitality and entertainment experiences.