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

Zacks Investment Research upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a hold rating to a buy rating in a research note published on Thursday morning. The brokerage currently has $32.00 price objective 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. “

MLCO has been the subject of several other reports. Roth Capital started coverage on Melco Resorts & Entertainment in a research report on Wednesday, November 1st. They set a buy rating and a $34.00 price objective for the company. BidaskClub raised Melco Resorts & Entertainment from a hold rating to a buy rating in a research report on Thursday, December 21st. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a neutral rating to an overweight rating and set a $32.00 price objective for the company in a research report on Tuesday, December 19th. Nomura upped their price objective on Melco Resorts & Entertainment from $29.00 to $33.00 and gave the stock a buy rating in a research report on Friday, November 3rd. Finally, Instinet raised Melco Resorts & Entertainment from a neutral rating to a buy rating and upped their price objective for the stock from $20.00 to $29.00 in a research report on Tuesday, September 19th. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $26.05.

Melco Resorts & Entertainment (MLCO) traded up $0.06 during trading hours on Thursday, hitting $27.57. The stock had a trading volume of 4,962,600 shares, compared to its average volume of 4,936,100. The firm has a market cap of $13,590.00, a PE ratio of 43.76, a P/E/G ratio of 0.89 and a beta of 1.92. Melco Resorts & Entertainment has a twelve month low of $15.76 and a twelve month high of $29.60. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 1.14.

Several hedge funds and other institutional investors have recently made changes to their positions in MLCO. Canada Pension Plan Investment Board acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $112,000. LS Investment Advisors LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $129,000. Nordea Investment Management AB acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $136,000. Ladenburg Thalmann Financial Services Inc. acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $173,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $193,000. 41.31% of the stock is owned by hedge funds and other institutional investors.

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About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.

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

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