Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 4.7% – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares traded down 4.7% on Friday . The company traded as low as $5.29 and last traded at $5.32. 820,733 shares changed hands during trading, a decline of 79% from the average session volume of 3,951,698 shares. The stock had previously closed at $5.58.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $7.50 to $6.70 in a research note on Monday, March 3rd. Susquehanna dropped their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, February 3rd. Finally, Citigroup cut shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment Trading Down 1.7 %

The stock has a market capitalization of $2.30 billion, a PE ratio of -24.79, a PEG ratio of 0.63 and a beta of 1.02. The company’s 50 day simple moving average is $5.67 and its 200 day simple moving average is $6.19.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $720,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 124.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after purchasing an additional 133,086 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $207,000. BNP Paribas Financial Markets boosted its holdings in shares of Melco Resorts & Entertainment by 57.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock valued at $5,107,000 after purchasing an additional 238,884 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Melco Resorts & Entertainment by 12.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock valued at $437,000 after purchasing an additional 6,148 shares during the last quarter. 39.62% of the stock is owned by hedge funds and other 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.