Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded 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.

MLCO has been the topic of a number of other research reports. UBS Group cut Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 target price on the stock. in a research report on Wednesday, April 30th. Bank of America lifted their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a “neutral” rating in a report on Tuesday, May 20th. Citigroup raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price target on the stock in a report on Thursday, April 10th. Finally, JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $7.20 to $9.50 in a report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.90.

Melco Resorts & Entertainment Stock Performance

MLCO opened at $8.84 on Monday. The firm has a market cap of $3.71 billion, a P/E ratio of 63.14, a price-to-earnings-growth ratio of 0.68 and a beta of 0.82. Melco Resorts & Entertainment has a 52-week low of $4.55 and a 52-week high of $8.91. The business’s fifty day moving average is $6.57 and its 200-day moving average is $5.86.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.21 billion. Melco Resorts & Entertainment had a negative return on equity of 12.58% and a net margin of 1.28%. Melco Resorts & Entertainment’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 EPS. On average, research analysts predict that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently added to or reduced their stakes in MLCO. Nuveen LLC acquired a new stake in Melco Resorts & Entertainment during the 1st quarter worth approximately $31,946,000. Arrowstreet Capital Limited Partnership acquired a new stake in Melco Resorts & Entertainment during the 4th quarter worth approximately $28,989,000. Brightlight Capital Management LP acquired a new stake in Melco Resorts & Entertainment during the 1st quarter worth approximately $15,141,000. Eminence Capital LP boosted its position in Melco Resorts & Entertainment by 22.1% during the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company’s stock worth $44,791,000 after buying an additional 1,402,619 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company’s stock worth $11,633,000 after buying an additional 1,353,617 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

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.