Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Rating Lowered by Wall Street Zen

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

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their target price on Melco Resorts & Entertainment from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a report on Wednesday, September 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. Finally, Zacks Research lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of “Hold” and an average price target of $8.40.

Melco Resorts & Entertainment Stock Up 1.6%

Melco Resorts & Entertainment stock opened at $8.01 on Friday. The firm has a fifty day moving average of $8.48 and a 200-day moving average of $8.57. Melco Resorts & Entertainment has a 52-week low of $4.55 and a 52-week high of $10.15. The firm has a market capitalization of $3.36 billion, a P/E ratio of 30.81 and a beta of 0.64.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.10. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the business posted $0.06 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. On average, research analysts expect that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in Melco Resorts & Entertainment by 21.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 429,131 shares of the company’s stock worth $2,262,000 after acquiring an additional 75,935 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Melco Resorts & Entertainment by 1,819.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after purchasing an additional 5,211,263 shares during the last quarter. Trexquant Investment LP grew its stake in Melco Resorts & Entertainment by 15.2% in the first quarter. Trexquant Investment LP now owns 1,306,608 shares of the company’s stock worth $6,886,000 after purchasing an additional 171,960 shares in the last quarter. Hudson Bay Capital Management LP increased its holdings in Melco Resorts & Entertainment by 271.3% in the second quarter. Hudson Bay Capital Management LP now owns 1,473,502 shares of the company’s stock valued at $10,653,000 after buying an additional 1,076,606 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Melco Resorts & Entertainment in the second quarter valued at about $1,000,000. Institutional investors 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.