Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Unusually-High Trading Volume – What’s Next?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares saw strong trading volume on Wednesday . 8,476,339 shares changed hands during trading, an increase of 298% from the previous session’s volume of 2,131,709 shares.The stock last traded at $5.54 and had previously closed at $5.53.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley reissued an “equal weight” rating and set a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $9.40.

Melco Resorts & Entertainment Price Performance

The company has a fifty day moving average price of $6.12 and a 200 day moving average price of $6.26. The stock has a market cap of $2.33 billion, a P/E ratio of -25.18, a P/E/G ratio of 0.45 and a beta of 1.05.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Signaturefd LLC raised its holdings in shares of Melco Resorts & Entertainment by 16.6% in the 3rd quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock worth $147,000 after acquiring an additional 2,686 shares during the last quarter. Creative Planning increased its holdings in Melco Resorts & Entertainment by 35.9% during the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after purchasing an additional 4,220 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Melco Resorts & Entertainment by 140.7% in the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after purchasing an additional 4,403 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Melco Resorts & Entertainment by 12.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock valued at $437,000 after buying an additional 6,148 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in Melco Resorts & Entertainment by 5.3% during the second quarter. Cetera Investment Advisers now owns 169,277 shares of the company’s stock worth $1,263,000 after buying an additional 8,507 shares in the last quarter. 39.62% of the stock is owned by institutional investors.

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.