Capital Research Global Investors Cuts Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Capital Research Global Investors decreased its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 18.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,895,979 shares of the company's stock after selling 4,142,719 shares during the quarter. Capital Research Global Investors owned about 4.26% of Melco Resorts & Entertainment worth $103,618,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MLCO. Mariner LLC raised its position in shares of Melco Resorts & Entertainment by 12.3% during the 4th quarter. Mariner LLC now owns 95,939 shares of the company's stock valued at $555,000 after buying an additional 10,491 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at approximately $649,000. Capula Management Ltd purchased a new stake in Melco Resorts & Entertainment during the 4th quarter valued at $560,000. Renaissance Technologies LLC lifted its position in Melco Resorts & Entertainment by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock worth $13,886,000 after buying an additional 1,150,500 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Melco Resorts & Entertainment by 216.2% during the fourth quarter. Invesco Ltd. now owns 31,745 shares of the company's stock worth $184,000 after buying an additional 21,707 shares during the period. Institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock traded up $0.08 during mid-day trading on Wednesday, hitting $4.90. The stock had a trading volume of 6,125,576 shares, compared to its average volume of 3,789,026. The firm has a market capitalization of $2.08 billion, a P/E ratio of -22.25, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $8.90. The firm's 50-day moving average is $5.38 and its two-hundred day moving average is $5.97.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and dropped their price target for the stock from $7.50 to $6.70 in a research note on Monday, March 3rd. Citigroup raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price target for the company in a research note on Thursday, April 10th. Finally, Susquehanna cut their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of "Moderate Buy" and an average target price of $7.29.

Melco Resorts & Entertainment 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.