Zacks Research Upgrades Melco Resorts & Entertainment (NASDAQ:MLCO) to "Strong-Buy"

Key Points

• Zacks Research has upgraded Melco Resorts & Entertainment from a "hold" to a "strong-buy" rating, indicating increased confidence in the company's potential.
• Other research firms have also adjusted their ratings, with Susquehanna raising the price target to $10.00 and Citigroup raising it from $11.00 to $11.50, reflecting a positive outlook for the stock.
• Melco Resorts reported earnings of $0.23 per share, significantly beating analysts' expectations, and its revenue rose 14.5% year-over-year, showcasing strong financial performance.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other research firms also recently issued reports on MLCO. Susquehanna raised their price target on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a "positive" rating in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Citigroup lifted their price objective on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a research note on Friday, August 1st. CLSA raised shares of Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating in a research note on Wednesday. Finally, Bank of America lifted their target price on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research report on Tuesday, May 20th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Trading Down 3.5%

MLCO opened at $9.74 on Thursday. The company has a fifty day simple moving average of $8.95 and a 200 day simple moving average of $6.84. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 74.93 and a beta of 0.77. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.14. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.20 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The business's revenue was up 14.5% on a year-over-year basis. During the same period last year, the business earned $0.05 EPS. On average, analysts forecast that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

Institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new stake in Melco Resorts & Entertainment in the first quarter valued at approximately $34,000. FNY Investment Advisers LLC acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter worth $38,000. Brown Advisory Inc. acquired a new stake in shares of Melco Resorts & Entertainment in the first quarter worth $53,000. Aigen Investment Management LP acquired a new stake in shares of Melco Resorts & Entertainment in the first quarter worth $59,000. Finally, Solstein Capital LLC lifted its stake in shares of Melco Resorts & Entertainment by 74.9% in the second quarter. Solstein Capital LLC now owns 9,340 shares of the company's stock worth $68,000 after buying an additional 4,000 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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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