Melco Resorts & Entertainment (NASDAQ:MLCO) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Melco Resorts & Entertainment (NASDAQ:MLCO) from "hold" to "buy"; the stock's analyst consensus is a Moderate Buy with an average price target of $9.06, though individual ratings range from Strong Buy to Sell.
• Shares opened at $5.63 and trade within a 12‑month range of $4.90–$10.15, with a market cap of $2.29 billion, a PE ratio of 12.24, and 50‑day and 200‑day moving averages of $5.72 and $7.03 respectively.
• About 39.62% of the stock is institutionally owned; several funds reported new small positions and Global Retirement Partners markedly increased its stake by 6,805.6% to 8,632 shares.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also issued reports about the company. Texas Capital raised Melco Resorts & Entertainment to a "strong-buy" rating in a research report on Friday, January 23rd. 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 report on Monday, February 16th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $7.70 target price (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. Finally, CICC Research raised Melco Resorts & Entertainment to an "outperform" rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $9.06.

Melco Resorts & Entertainment Stock Down 0.5%

Shares of NASDAQ MLCO opened at $5.63 on Friday. The business has a fifty day simple moving average of $5.72 and a two-hundred day simple moving average of $7.03. The firm has a market cap of $2.29 billion, a PE ratio of 12.24 and a beta of 0.61. Melco Resorts & Entertainment has a twelve month low of $4.90 and a twelve month high of $10.15.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Kestra Advisory Services LLC bought a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $48,000. Hilton Head Capital Partners LLC bought a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $63,000. Quarry LP bought a new position in shares of Melco Resorts & Entertainment in the 3rd quarter worth $68,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth $71,000. Finally, Global Retirement Partners LLC raised its position in shares of 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 worth $79,000 after acquiring an additional 8,507 shares in the last quarter. 39.62% of the stock is owned by institutional investors.

About Melco Resorts & Entertainment

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.