Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up to $22.55

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Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $23.25, but opened at $22.55. Melco Resorts & Entertainment shares last traded at $22.15, with a volume of 119,869 shares.

Several brokerages have commented on MLCO. ValuEngine raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Tuesday, January 21st. Zacks Investment Research cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 9th. Finally, BidaskClub raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $24.49.

The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 0.79 and a beta of 1.91. The firm’s 50 day moving average price is $22.58 and its two-hundred day moving average price is $21.59. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.37.

Several institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in shares of Melco Resorts & Entertainment by 20.4% during the 4th quarter. Bank of America Corp DE now owns 663,353 shares of the company’s stock worth $16,033,000 after purchasing an additional 112,420 shares in the last quarter. Ellington Management Group LLC acquired a new position in shares of Melco Resorts & Entertainment during the 4th quarter worth approximately $336,000. J. Goldman & Co LP grew its position in shares of Melco Resorts & Entertainment by 3,159.5% during the 4th quarter. J. Goldman & Co LP now owns 476,183 shares of the company’s stock worth $11,509,000 after purchasing an additional 461,574 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Melco Resorts & Entertainment by 3.9% during the 4th quarter. UBS Asset Management Americas Inc. now owns 733,433 shares of the company’s stock worth $17,727,000 after purchasing an additional 27,819 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of Melco Resorts & Entertainment by 125.8% during the 4th quarter. Marshall Wace LLP now owns 161,689 shares of the company’s stock worth $3,908,000 after purchasing an additional 90,069 shares in the last quarter. Institutional investors own 35.05% of the company’s stock.

Melco Resorts & Entertainment Company Profile (NASDAQ:MLCO)

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.

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