Melco Resorts & Entertainment (NASDAQ:MLCO) Downgraded by Zacks Investment Research

Melco Resorts & Entertainment (NASDAQ:MLCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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. “

MLCO has been the subject of a number of other reports. Roth Capital cut their price objective on shares of Melco Resorts & Entertainment from $35.00 to $30.00 and set a “positive” rating for the company in a report on Thursday, November 5th. BOCOM International assumed coverage on shares of Melco Resorts & Entertainment in a report on Friday, September 11th. They set a “buy” rating for the company. TheStreet lowered shares of Melco Resorts & Entertainment from a “c” rating to a “d+” rating in a report on Tuesday, September 8th. JPMorgan Chase & Co. increased their price objective on shares of Melco Resorts & Entertainment from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, November 17th. Finally, ValuEngine lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Melco Resorts & Entertainment currently has a consensus rating of “Buy” and a consensus target price of $22.69.

NASDAQ MLCO opened at $17.94 on Tuesday. Melco Resorts & Entertainment has a 12 month low of $10.81 and a 12 month high of $25.08. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of -8.58 and a beta of 1.75. The company’s 50 day moving average is $18.65 and its two-hundred day moving average is $17.48. The company has a current ratio of 1.69, a quick ratio of 1.66 and a debt-to-equity ratio of 2.75.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.91) by $0.25. Melco Resorts & Entertainment had a negative net margin of 37.56% and a negative return on equity of 45.84%. The business had revenue of $212.90 million during the quarter, compared to analyst estimates of $299.78 million. Sell-side analysts forecast that Melco Resorts & Entertainment will post -2.7 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. King Street Capital Management L.P. lifted its position in Melco Resorts & Entertainment by 107.4% in the third quarter. King Street Capital Management L.P. now owns 4,700,000 shares of the company’s stock worth $78,255,000 after buying an additional 2,433,875 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Melco Resorts & Entertainment in the third quarter worth $222,000. Perpetual Ltd lifted its position in Melco Resorts & Entertainment by 46.7% in the third quarter. Perpetual Ltd now owns 441,290 shares of the company’s stock worth $7,347,000 after buying an additional 140,450 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in Melco Resorts & Entertainment by 10.5% in the third quarter. Great West Life Assurance Co. Can now owns 79,028 shares of the company’s stock worth $1,317,000 after buying an additional 7,500 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in Melco Resorts & Entertainment in the third quarter worth $176,000. Institutional investors own 36.92% of the company’s stock.

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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