Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 2.6% – What’s Next?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) traded down 2.6% on Tuesday . The company traded as low as $6.02 and last traded at $6.02. 473,476 shares changed hands during trading, a decline of 86% from the average session volume of 3,364,569 shares. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

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

Melco Resorts & Entertainment Trading Down 2.9 %

The business’s fifty day simple moving average is $6.57 and its 200 day simple moving average is $6.51. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -27.27, a price-to-earnings-growth ratio of 0.98 and a beta of 1.05.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLCO. Eminence Capital LP grew its position in shares of Melco Resorts & Entertainment by 14.0% during the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after buying an additional 2,154,509 shares during the period. Coronation Fund Managers Ltd. grew its holdings in Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after purchasing an additional 1,705,872 shares during the period. Point72 Asset Management L.P. bought a new stake in Melco Resorts & Entertainment in the second quarter valued at approximately $2,914,000. Sei Investments Co. raised its holdings in Melco Resorts & Entertainment by 173.2% in the second quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after purchasing an additional 381,653 shares during the period. Finally, Solel Partners LP boosted its position in shares of Melco Resorts & Entertainment by 34.2% during the second quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock worth $9,907,000 after purchasing an additional 338,700 shares in the last quarter. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

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.