Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Up 3.8% – What’s Next?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shot up 3.8% during mid-day trading on Tuesday . The company traded as high as $5.83 and last traded at $5.81. 859,919 shares traded hands during trading, a decline of 74% from the average session volume of 3,352,443 shares. The stock had previously closed at $5.60.

Wall Street Analysts Forecast Growth

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

Melco Resorts & Entertainment Trading Up 4.3 %

The stock’s 50 day simple moving average is $6.43 and its 200 day simple moving average is $6.44. The stock has a market capitalization of $2.45 billion, a P/E ratio of -26.54, a P/E/G ratio of 0.98 and a beta of 1.05.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment in the second quarter worth $56,000. Ballentine Partners LLC acquired a new stake in Melco Resorts & Entertainment during the third quarter worth about $81,000. Leo Wealth LLC bought a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter worth approximately $93,000. Creative Planning boosted its position in Melco Resorts & Entertainment by 35.9% during the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after purchasing an additional 4,220 shares during the period. Finally, Signaturefd LLC grew its stake in Melco Resorts & Entertainment by 16.6% during the 3rd quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock worth $147,000 after buying an additional 2,686 shares during the last quarter. 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.