Melco Resorts & Entertainment (NASDAQ:MLCO) Upgraded to “Buy” by BidaskClub

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BidaskClub upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a hold rating to a buy rating in a research report sent to investors on Thursday, BidAskClub reports.

A number of other brokerages have also issued reports on MLCO. Macquarie started coverage on shares of Wynn Macau in a research note on Monday, April 8th. They set an outperform rating on the stock. Wolfe Research lowered shares of Walmart from a peer perform rating to an underperform rating in a research note on Wednesday, May 8th. Nomura boosted their price target on shares of Melco Resorts & Entertainment from $27.00 to $30.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Goldman Sachs Group set a $27.00 price target on shares of Melco Resorts & Entertainment and gave the stock a buy rating in a research note on Tuesday, May 28th. Finally, Zacks Investment Research upgraded shares of Jack Henry & Associates from a sell rating to a hold rating in a research note on Wednesday, March 27th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Melco Resorts & Entertainment presently has an average rating of Buy and an average target price of $28.02.

Shares of NASDAQ:MLCO opened at $23.75 on Thursday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.05 and a quick ratio of 1.03. The stock has a market capitalization of $11.74 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 1.21 and a beta of 1.78. The stock’s 50-day simple moving average is $21.20. Melco Resorts & Entertainment has a 1 year low of $15.33 and a 1 year high of $26.97.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. Melco Resorts & Entertainment had a net margin of 6.00% and a return on equity of 13.47%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. As a group, equities analysts forecast that Melco Resorts & Entertainment will post 0.95 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its stake in shares of Melco Resorts & Entertainment by 123.4% during the first quarter. Quadrant Capital Group LLC now owns 5,310 shares of the company’s stock worth $116,000 after buying an additional 2,933 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Melco Resorts & Entertainment by 14.7% during the first quarter. Gulf International Bank UK Ltd now owns 5,450 shares of the company’s stock worth $123,000 after buying an additional 700 shares during the period. Executive Wealth Management LLC purchased a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $131,000. Advisors Asset Management Inc. increased its stake in shares of Melco Resorts & Entertainment by 19.4% during the first quarter. Advisors Asset Management Inc. now owns 7,094 shares of the company’s stock worth $160,000 after buying an additional 1,153 shares during the period. Finally, LMR Partners LLP purchased a new position in Melco Resorts & Entertainment in the fourth quarter valued at approximately $249,000. Hedge funds and other institutional investors own 33.31% of the company’s stock.

Melco Resorts & Entertainment Company Profile

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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Analyst Recommendations for Melco Resorts & Entertainment (NASDAQ:MLCO)

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