Melco Resorts & Entertainment (MLCO) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a sell rating to a buy rating in a report released on Thursday. They currently have $22.00 price target on the stock.

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. “

Several other research analysts have also recently commented on the company. CLSA upgraded Melco Resorts & Entertainment from a sell rating to an underperform rating in a research note on Thursday, January 3rd. ValuEngine upgraded Melco Resorts & Entertainment from a sell rating to a hold rating in a research note on Thursday, December 20th. Credit Suisse Group reiterated 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 price target on the stock. Finally, BidaskClub cut Melco Resorts & Entertainment from a hold rating to a sell rating in a research note on Tuesday, December 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $28.16.

Shares of NASDAQ:MLCO traded down $0.06 during trading on Thursday, hitting $19.75. The company’s stock had a trading volume of 1,543,500 shares, compared to its average volume of 2,725,788. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.95 and a current ratio of 0.97. Melco Resorts & Entertainment has a fifty-two week low of $15.33 and a fifty-two week high of $32.95. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of 21.47, a price-to-earnings-growth ratio of 1.41 and a beta of 1.38.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the firm posted $0.24 EPS. The company’s revenue was down 11.4% compared to the same quarter last year. On average, equities research analysts predict that Melco Resorts & Entertainment will post 0.97 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. First Hawaiian Bank bought a new stake in Melco Resorts & Entertainment in the third quarter valued at about $163,000. Private Trust Co. NA bought a new stake in Melco Resorts & Entertainment in the fourth quarter valued at about $176,000. Sumitomo Life Insurance Co. bought a new stake in Melco Resorts & Entertainment in the third quarter valued at about $201,000. Rothschild Investment Corp IL increased its holdings in Melco Resorts & Entertainment by 49.0% in the third quarter. Rothschild Investment Corp IL now owns 10,730 shares of the company’s stock valued at $227,000 after buying an additional 3,530 shares during the last quarter. Finally, USA Financial Portformulas Corp bought a new stake in Melco Resorts & Entertainment in the third quarter valued at about $230,000. 36.23% of the stock is owned by hedge funds and other institutional investors.

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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