Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 2.6% – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price dropped 2.6% during mid-day trading on Tuesday . The stock traded as low as $6.02 and last traded at $6.02. Approximately 473,476 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 3,364,569 shares. The stock had previously closed at $6.18.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reaffirmed 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. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.40.

Melco Resorts & Entertainment Trading Down 2.9 %

The stock’s 50 day moving average is $6.57 and its two-hundred day moving average is $6.51. The stock has a market capitalization 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

Institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC acquired a new position in shares of Melco Resorts & Entertainment during the 2nd quarter worth about $42,000. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment during the second quarter valued at approximately $56,000. Ballentine Partners LLC bought a new position in Melco Resorts & Entertainment in the third quarter valued at approximately $81,000. Leo Wealth LLC acquired a new position in shares of Melco Resorts & Entertainment during the 3rd quarter worth approximately $93,000. Finally, Creative Planning raised its stake in shares of Melco Resorts & Entertainment by 35.9% during the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after purchasing an additional 4,220 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.