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

Wall Street Zen lowered shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

MLCO has been the subject of a number of other reports. UBS Group raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 target price for the company in a research note on Monday, February 16th. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $7.70 target price (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.06.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $5.47 on Friday. Melco Resorts & Entertainment has a one year low of $4.55 and a one year high of $10.15. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 11.89 and a beta of 0.58. The business’s 50 day moving average price is $5.96 and its 200 day moving average price is $7.63.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently made changes to their positions in MLCO. Kestra Advisory Services LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $48,000. Quarry LP purchased a new position in shares of Melco Resorts & Entertainment during the 3rd quarter worth approximately $68,000. Hilton Head Capital Partners LLC acquired a new stake in Melco Resorts & Entertainment in the 4th quarter valued at approximately $63,000. Global Retirement Partners LLC increased its holdings in Melco Resorts & Entertainment by 6,805.6% in the 3rd quarter. Global Retirement Partners LLC now owns 8,632 shares of the company’s stock valued at $79,000 after purchasing an additional 8,507 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Melco Resorts & Entertainment in the second quarter valued at approximately $71,000. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

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.