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

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

Analysts Set New Price Targets

MLCO has been the topic of several recent research reports. Citigroup lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $6.00 in a report on Monday, February 10th. Susquehanna reduced their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, February 3rd. Finally, Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment Stock Performance

The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -24.79, a price-to-earnings-growth ratio of 0.63 and a beta of 1.02. The business’s fifty day simple moving average is $5.67 and its 200 day simple moving average is $6.19.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings in Melco Resorts & Entertainment by 8.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company’s stock worth $291,000 after buying an additional 3,873 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Melco Resorts & Entertainment by 12.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock worth $437,000 after buying an additional 6,148 shares in the last quarter. Samalin Investment Counsel LLC lifted its holdings in Melco Resorts & Entertainment by 11.6% in the 4th quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock worth $557,000 after buying an additional 10,000 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in Melco Resorts & Entertainment in the 4th quarter worth $58,000. 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.