Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 4.9% – Here’s Why

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) were down 4.9% on Wednesday . The stock traded as low as $5.83 and last traded at $5.85. Approximately 858,134 shares traded hands during trading, a decline of 68% from the average daily volume of 2,712,435 shares. The stock had previously closed at $6.15.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MLCO. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Thursday, January 22nd. UBS Group upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 target price on the stock in a research report on Monday, February 16th. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research note on Friday, January 23rd. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.06.

Melco Resorts & Entertainment Stock Performance

The company has a market cap of $2.21 billion, a PE ratio of 12.28 and a beta of 0.58. The firm’s 50 day moving average is $6.39 and its 200-day moving average is $7.99.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its holdings in shares of Melco Resorts & Entertainment by 243.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 168,551 shares of the company’s stock worth $1,546,000 after acquiring an additional 119,449 shares during the period. Coronation Fund Managers Ltd. grew its holdings in shares of Melco Resorts & Entertainment by 4.4% in the third quarter. Coronation Fund Managers Ltd. now owns 8,103,914 shares of the company’s stock valued at $74,313,000 after purchasing an additional 341,528 shares during the period. WCM Investment Management LLC acquired a new stake in Melco Resorts & Entertainment during the third quarter worth about $35,665,000. Arrowstreet Capital Limited Partnership raised its stake in Melco Resorts & Entertainment by 1,819.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after purchasing an additional 5,211,263 shares during the period. Finally, Hudson Bay Capital Management LP boosted its holdings in Melco Resorts & Entertainment by 271.3% in the 2nd quarter. Hudson Bay Capital Management LP now owns 1,473,502 shares of the company’s stock valued at $10,653,000 after purchasing an additional 1,076,606 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.