Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Short Interest Update

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) was the recipient of a significant decrease in short interest in March. As of March 31st, there was short interest totalling 8,790,000 shares, a decrease of 14.5% from the March 15th total of 10,280,000 shares. Based on an average daily volume of 4,250,000 shares, the short-interest ratio is presently 2.1 days. Currently, 2.1% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of research analysts recently weighed in on MLCO shares. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lowered their target price for the company 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 objective for the company in a research note on Thursday, April 10th. Finally, Susquehanna decreased their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, February 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of "Moderate Buy" and a consensus price target of $7.29.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO traded down $0.01 during midday trading on Tuesday, hitting $4.82. 7,144,312 shares of the company traded hands, compared to its average volume of 3,776,245. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -21.91, a PEG ratio of 0.63 and a beta of 0.87. The firm has a 50 day moving average of $5.41 and a 200-day moving average of $5.98. Melco Resorts & Entertainment has a 52 week low of $4.55 and a 52 week high of $8.90.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. GAMMA Investing LLC increased its stake 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 acquiring an additional 4,403 shares during the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter worth $58,000. Empirical Asset Management LLC purchased a new stake in Melco Resorts & Entertainment during the fourth quarter valued at $73,000. Vident Advisory LLC bought a new position in Melco Resorts & Entertainment during the fourth quarter valued at $142,000. Finally, Wealthspire Advisors LLC purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $145,000. 39.62% of the stock is owned by institutional investors.

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.