Headlands Technologies LLC Decreases Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Headlands Technologies LLC lowered its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 61.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,410 shares of the company's stock after selling 109,682 shares during the quarter. Headlands Technologies LLC's holdings in Melco Resorts & Entertainment were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MLCO. Charles Schwab Investment Management Inc. boosted its position in shares of Melco Resorts & Entertainment by 124.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company's stock valued at $1,869,000 after acquiring an additional 133,086 shares during the period. ARGA Investment Management LP increased its holdings in shares of Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after purchasing an additional 456,117 shares during the period. Verition Fund Management LLC purchased a new stake in shares of Melco Resorts & Entertainment in the third quarter worth $858,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth $407,000. Finally, Sei Investments Co. boosted its stake in Melco Resorts & Entertainment by 20.4% during the fourth quarter. Sei Investments Co. now owns 725,100 shares of the company's stock valued at $4,198,000 after buying an additional 123,042 shares during the period. Hedge funds and other institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO traded up $0.48 during mid-day trading on Wednesday, reaching $5.09. The stock had a trading volume of 7,137,871 shares, compared to its average volume of 3,673,680. The stock has a market capitalization of $2.17 billion, a P/E ratio of -23.14, a P/E/G ratio of 0.63 and a beta of 0.87. Melco Resorts & Entertainment Limited has a one year low of $4.55 and a one year high of $8.90. The firm has a 50 day moving average price of $5.52 and a two-hundred day moving average price of $6.15.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MLCO shares. Morgan Stanley raised Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lowered their price target for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Susquehanna dropped their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, February 3rd. Finally, Citigroup cut shares of Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and cut their price target for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $7.24.

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.