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

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

A number of other equities research analysts have also recently commented on the stock. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Susquehanna upped their target price on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a “positive” rating in a report on Wednesday, July 30th. Citigroup raised their price target on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a report on Friday, August 1st. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $7.20 to $9.50 in a research note on Tuesday, July 1st. Finally, Zacks Research raised Melco Resorts & Entertainment from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.15.

Melco Resorts & Entertainment Trading Up 1.2%

Shares of NASDAQ MLCO opened at $9.58 on Friday. Melco Resorts & Entertainment has a 12-month low of $4.55 and a 12-month high of $10.15. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 73.70 and a beta of 0.77. The firm has a 50 day moving average of $9.26 and a 200 day moving average of $7.25.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.14. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. Sell-side analysts predict that Melco Resorts & Entertainment will post 0.16 EPS for the current year.

Institutional Trading of Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in Melco Resorts & Entertainment during the 1st quarter valued at $34,000. FNY Investment Advisers LLC bought a new position in Melco Resorts & Entertainment during the 2nd quarter valued at about $38,000. Brown Advisory Inc. purchased a new stake in Melco Resorts & Entertainment in the 1st quarter worth about $53,000. Aigen Investment Management LP bought a new stake in Melco Resorts & Entertainment in the first quarter worth about $59,000. Finally, Solstein Capital LLC boosted its position in shares of Melco Resorts & Entertainment by 74.9% during the second quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after buying an additional 4,000 shares during the period. Hedge funds and other institutional investors 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.