Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is ARGA Investment Management LP’s 5th Largest Position

ARGA Investment Management LP increased its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,652,424 shares of the company’s stock after acquiring an additional 456,117 shares during the period. Melco Resorts & Entertainment makes up about 5.6% of ARGA Investment Management LP’s holdings, making the stock its 5th biggest position. ARGA Investment Management LP owned 7.06% of Melco Resorts & Entertainment worth $171,688,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MLCO. GAMMA Investing LLC raised its holdings 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 acquiring an additional 4,403 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth approximately $58,000. Empirical Asset Management LLC purchased a new stake in Melco Resorts & Entertainment in the fourth quarter valued at approximately $73,000. Ballentine Partners LLC bought a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $81,000. Finally, Leo Wealth LLC purchased a new position in Melco Resorts & Entertainment in the 3rd quarter worth approximately $93,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Price Performance

MLCO opened at $5.36 on Wednesday. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $9.39. The stock’s 50 day moving average price is $5.99 and its 200-day moving average price is $6.16.

Analysts Set New Price Targets

A number of research firms have weighed in on MLCO. Morgan Stanley restated an “equal weight” rating and set a $7.50 price target (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Susquehanna dropped their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.00.

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.