Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 4.9% – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price traded down 4.9% during trading on Monday . The company traded as low as $5.24 and last traded at $5.25. 1,859,895 shares were traded during trading, a decline of 53% from the average session volume of 3,956,198 shares. The stock had previously closed at $5.52.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MLCO shares. Morgan Stanley reiterated an “equal weight” rating and set a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Citigroup cut Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $6.00 in a report on Monday. Finally, Susquehanna decreased their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.40.

Melco Resorts & Entertainment Price Performance

The company has a market cap of $2.31 billion, a P/E ratio of -25.00, a PEG ratio of 0.55 and a beta of 1.04. The business’s 50 day moving average price is $5.89 and its 200-day moving average price is $6.14.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its holdings in shares of Melco Resorts & Entertainment by 16.6% in the third quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock valued at $147,000 after purchasing an additional 2,686 shares in the last quarter. Creative Planning boosted its position in Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after buying an additional 4,220 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after buying an additional 4,403 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised 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 worth $437,000 after acquiring an additional 6,148 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Melco Resorts & Entertainment by 5.3% during the second quarter. Cetera Investment Advisers now owns 169,277 shares of the company’s stock valued at $1,263,000 after acquiring an additional 8,507 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.