Morgan Stanley Reiterates “Equal Weight” Rating for Melco Resorts & Entertainment (NASDAQ:MLCO)

Morgan Stanley reaffirmed their equal weight rating on shares of Melco Resorts & Entertainment (NASDAQ:MLCO) in a research note issued to investors on Tuesday, Marketbeat reports. Morgan Stanley currently has a $7.50 price objective on the stock, down from their previous price objective of $9.60.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $6.21 on Tuesday. The firm has a market capitalization of $2.61 billion, a P/E ratio of -28.23, a P/E/G ratio of 1.01 and a beta of 1.05. The stock has a fifty day moving average price of $6.63 and a two-hundred day moving average price of $6.56. Melco Resorts & Entertainment has a 52-week low of $4.78 and a 52-week high of $9.56.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eminence Capital LP increased its holdings in shares of Melco Resorts & Entertainment by 14.0% during the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after buying an additional 2,154,509 shares in the last quarter. Coronation Fund Managers Ltd. increased its holdings in Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after purchasing an additional 1,705,872 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Melco Resorts & Entertainment in the 2nd quarter valued at $2,914,000. Sei Investments Co. boosted its stake in Melco Resorts & Entertainment by 173.2% in the second quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after purchasing an additional 381,653 shares in the last quarter. Finally, Solel Partners LP increased its stake in shares of Melco Resorts & Entertainment by 34.2% in the second quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock valued at $9,907,000 after buying an additional 338,700 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

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.