Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Moved Down to Sell by UBS Group

Melco Resorts & Entertainment (NASDAQ:MLCO) was downgraded by equities researchers at UBS Group from a “buy” rating to a “sell” rating in a report issued on Thursday, Marketbeat Ratings reports. They presently have a $3.70 target price on the stock. UBS Group‘s price target would suggest a potential downside of 12.43% from the stock’s current price.

Other analysts have also issued research reports about the stock. CICC Research lowered shares of Melco Resorts & Entertainment from an “outperform” rating to a “market perform” rating in a research report on Sunday, October 18th. Texas Capital downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 16th. Capital One Financial set a $5.50 price target on shares of Melco Resorts & Entertainment in a research note on Friday, October 16th. Citigroup began coverage on shares of Melco Resorts & Entertainment in a research note on Monday, October 12th. They issued a “buy” rating and a $9.40 price target on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Tuesday, August 18th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of “Reduce” and a consensus price target of $5.72.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock traded down $0.17 during midday trading on Thursday, reaching $4.22. The stock had a trading volume of 241,760 shares, compared to its average volume of 2,150,981. The firm’s fifty day simple moving average is $4.43 and its 200-day simple moving average is $5.32. Melco Resorts & Entertainment has a 1-year low of $3.67 and a 1-year high of $9.53. The stock has a market capitalization of $1.61 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 4.23 and a beta of 0.49.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.05. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.21 billion. Melco Resorts & Entertainment had a negative return on equity of 14.47% and a net margin of 3.15%. The business’s revenue was down 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 EPS. On average, sell-side analysts anticipate that Melco Resorts & Entertainment will post 0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in the company. Coronation Fund Managers Ltd. grew its position in shares of Melco Resorts & Entertainment by 35.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after acquiring an additional 2,934,127 shares during the period. Bank of America Corp DE raised its holdings in shares of Melco Resorts & Entertainment by 177.7% in the 1st quarter. Bank of America Corp DE now owns 890,787 shares of the company’s stock valued at $5,060,000 after purchasing an additional 570,060 shares during the period. Renaissance Technologies LLC lifted its stake in Melco Resorts & Entertainment by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock valued at $25,342,000 after purchasing an additional 325,900 shares during the last quarter. Capula Management Ltd acquired a new stake in Melco Resorts & Entertainment in the 1st quarter valued at about $1,326,000. Finally, Bleakley Financial Group LLC lifted its stake in Melco Resorts & Entertainment by 29.8% in the 1st quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company’s stock valued at $2,621,000 after purchasing an additional 105,887 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment develops, owns and operates integrated resorts that combine casino gaming with hotels, dining, retail, entertainment and convention facilities. Its properties include City of Dreams, Studio City and Altira Macau, as well as City of Dreams Manila in the Philippines. The company has also developed and operated resort and casino facilities in Cyprus, extending its business beyond its core Macau and Philippine markets. Its offerings are designed to serve both gaming customers and visitors seeking hospitality and entertainment experiences.