Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Up 3.8% – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares shot up 3.8% during trading on Tuesday . The stock traded as high as $5.83 and last traded at $5.81. 859,919 shares were traded during mid-day trading, a decline of 74% from the average session volume of 3,352,443 shares. The stock had previously closed at $5.60.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley restated an “equal weight” rating and set a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.40.

Melco Resorts & Entertainment Price Performance

The company has a market capitalization of $2.43 billion, a PE ratio of -26.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.05. The company’s fifty day moving average is $6.39 and its 200-day moving average is $6.42.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MLCO. Y Intercept Hong Kong Ltd bought a new position in Melco Resorts & Entertainment in the third quarter worth about $492,000. XTX Topco Ltd purchased a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $328,000. Verition Fund Management LLC purchased a new position in Melco Resorts & Entertainment in the third quarter worth $858,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Melco Resorts & Entertainment by 88.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock worth $2,963,000 after purchasing an additional 178,993 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Melco Resorts & Entertainment by 12.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock valued at $437,000 after purchasing an additional 6,148 shares during the last quarter. 39.62% of the stock is owned by institutional investors.

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.