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

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts have also recently issued reports on MLCO. Zacks Research cut Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. Susquehanna boosted their target price on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a “positive” rating in a research note on Wednesday, July 30th. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a report on Wednesday, September 3rd. Finally, Citigroup lifted their price target on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.15.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $8.50 on Friday. The company has a 50-day moving average of $8.89 and a 200-day moving average of $7.95. Melco Resorts & Entertainment has a 52 week low of $4.55 and a 52 week high of $10.15. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 65.39 and a beta of 0.70.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.10. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.28 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.06 earnings per share. Sell-side analysts forecast that Melco Resorts & Entertainment will post 0.16 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLCO. Caitong International Asset Management Co. Ltd acquired a new stake in Melco Resorts & Entertainment in the 1st quarter valued at about $34,000. FNY Investment Advisers LLC bought a new stake in shares of Melco Resorts & Entertainment during the second quarter valued at approximately $38,000. Brown Advisory Inc. acquired a new stake in shares of Melco Resorts & Entertainment in the first quarter valued at approximately $53,000. Aigen Investment Management LP bought a new position in Melco Resorts & Entertainment in the 1st quarter worth approximately $59,000. Finally, Solstein Capital LLC lifted its holdings in Melco Resorts & Entertainment by 74.9% during the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock worth $68,000 after buying an additional 4,000 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.