Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded by Wall Street Zen to Strong-Buy Rating

Wall Street Zen upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a buy rating to a strong-buy rating in a report issued on Saturday morning.

Several other analysts have also recently weighed in on MLCO. Zacks Research cut Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. 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, JPMorgan Chase & Co. lifted their price target on shares of Melco Resorts & Entertainment from $10.50 to $11.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $8.40.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $8.11 on Friday. The firm has a market cap of $3.40 billion, a PE ratio of 31.19 and a beta of 0.64. The business has a 50 day moving average price of $8.52 and a 200-day moving average price of $8.47. Melco Resorts & Entertainment has a fifty-two week low of $4.55 and a fifty-two week high of $10.15.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Melco Resorts & Entertainment during the first 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. Aigen Investment Management LP bought a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $59,000. Solstein Capital LLC boosted its holdings in shares of Melco Resorts & Entertainment by 74.9% during the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Melco Resorts & Entertainment in the third quarter worth approximately $68,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.