Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 4.7% – What’s Next?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was down 4.7% on Friday . The stock traded as low as $5.29 and last traded at $5.32. Approximately 820,733 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 3,951,698 shares. The stock had previously closed at $5.58.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MLCO shares. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $7.50 to $6.70 in a research note on Monday, March 3rd. Citigroup lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $10.00 to $6.00 in a research note on Monday, February 10th. Finally, Susquehanna reduced their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $7.24.

Melco Resorts & Entertainment Stock Performance

The firm has a market capitalization of $2.33 billion, a PE ratio of -25.18, a P/E/G ratio of 0.63 and a beta of 1.02. The firm has a fifty day moving average of $5.68 and a 200 day moving average of $6.20.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Melco Resorts & Entertainment by 17.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 447,953 shares of the company’s stock worth $2,594,000 after buying an additional 67,581 shares in the last quarter. Vident Advisory LLC bought a new position in Melco Resorts & Entertainment during the 4th quarter valued at $142,000. Twinbeech Capital LP increased its position in shares of Melco Resorts & Entertainment by 2,039.4% in the 4th quarter. Twinbeech Capital LP now owns 219,336 shares of the company’s stock worth $1,270,000 after purchasing an additional 209,084 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Melco Resorts & Entertainment by 759.1% in the 4th quarter. Two Sigma Advisers LP now owns 128,000 shares of the company’s stock valued at $741,000 after purchasing an additional 113,100 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Melco Resorts & Entertainment by 1,588.1% during the fourth quarter. Two Sigma Investments LP now owns 579,341 shares of the company’s stock worth $3,354,000 after purchasing an additional 545,021 shares during the last quarter. Institutional investors and hedge funds own 39.62% 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.