Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Short Interest Update

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of a large decline in short interest during the month of January. As of January 30th, there was short interest totaling 6,083,913 shares, a decline of 12.6% from the January 15th total of 6,958,279 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,352,062 shares, the short-interest ratio is currently 1.8 days. Based on an average daily trading volume, of 3,352,062 shares, the short-interest ratio is currently 1.8 days. Approximately 3.4% of the shares of the stock are short sold.

Melco Resorts & Entertainment Price Performance

MLCO stock opened at $5.63 on Thursday. Melco Resorts & Entertainment has a 12 month low of $4.55 and a 12 month high of $10.15. The firm’s 50-day moving average is $6.83 and its 200 day moving average is $8.19. The company has a market capitalization of $2.36 billion, a PE ratio of 12.24 and a beta of 0.63.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. Texas Capital upgraded Melco Resorts & Entertainment to a “strong-buy” rating in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note 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 for the company in a report on Monday. Finally, Wall Street Zen cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $8.67.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its stake in Melco Resorts & Entertainment by 1,819.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after acquiring an additional 5,211,263 shares during the period. FIL Ltd bought a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at about $35,198,000. WCM Investment Management LLC bought a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $35,665,000. Balyasny Asset Management L.P. lifted its position in shares of Melco Resorts & Entertainment by 257.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock worth $29,253,000 after purchasing an additional 2,784,251 shares during the period. Finally, National Bank of Canada FI boosted its stake in shares of Melco Resorts & Entertainment by 71,281.5% during the third quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock valued at $20,233,000 after purchasing an additional 2,203,311 shares in the last quarter. 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.