Melco Resorts & Entertainment (MLCO) Upgraded at Zacks Investment Research

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $22.00 price objective on the stock. Zacks Investment Research‘s price target indicates a potential upside of 11.39% from the company’s previous close.

According to Zacks, “Melco Resorts & Entertainment Ltd is a developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Asia. Melco Resorts & Entertainment Ltd, formerly known as Melco Crown Entertainment Limited, is based in Hong Kong. “

Other research analysts have also issued research reports about the company. Sanford C. Bernstein cut their price objective on Melco Resorts & Entertainment from $34.50 to $27.00 and set an “outperform” rating for the company in a report on Monday, September 17th. They noted that the move was a valuation call. BidaskClub raised Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research note on Friday, November 16th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, December 12th. Deutsche Bank assumed coverage on Melco Resorts & Entertainment in a research note on Tuesday, December 11th. They issued a “buy” rating and a $19.00 target price for the company. Finally, UBS Group lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Melco Resorts & Entertainment currently has a consensus rating of “Buy” and an average price target of $28.16.

Shares of NASDAQ MLCO traded down $0.06 during midday trading on Thursday, hitting $19.75. 1,543,521 shares of the company’s stock were exchanged, compared to its average volume of 2,725,788. Melco Resorts & Entertainment has a 12-month low of $15.33 and a 12-month high of $32.95. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $10.11 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 1.41 and a beta of 1.38.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Thursday, November 8th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.18). Melco Resorts & Entertainment had a return on equity of 11.89% and a net margin of 5.98%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the previous year, the firm posted $0.24 EPS. The firm’s revenue for the quarter was down 11.4% compared to the same quarter last year. On average, analysts predict that Melco Resorts & Entertainment will post 0.97 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of MLCO. Seven Eight Capital LP boosted its stake in shares of Melco Resorts & Entertainment by 31.4% during the third quarter. Seven Eight Capital LP now owns 105,959 shares of the company’s stock valued at $2,241,000 after purchasing an additional 25,300 shares during the period. Capital International Ltd. CA boosted its stake in shares of Melco Resorts & Entertainment by 16.4% during the third quarter. Capital International Ltd. CA now owns 36,332 shares of the company’s stock valued at $768,000 after purchasing an additional 5,123 shares during the period. Mount Yale Investment Advisors LLC boosted its stake in shares of Melco Resorts & Entertainment by 15.8% during the second quarter. Mount Yale Investment Advisors LLC now owns 86,224 shares of the company’s stock valued at $2,414,000 after purchasing an additional 11,759 shares during the period. Marshall Wace LLP purchased a new stake in shares of Melco Resorts & Entertainment during the second quarter valued at approximately $11,066,000. Finally, Andra AP fonden purchased a new stake in shares of Melco Resorts & Entertainment during the second quarter valued at approximately $1,879,000. 36.23% of the stock is 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.

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