JPMorgan Chase & Co. Lowers Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

JPMorgan Chase & Co. reduced its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 82.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,146 shares of the company's stock after selling 485,666 shares during the quarter. JPMorgan Chase & Co.'s holdings in Melco Resorts & Entertainment were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ballentine Partners LLC bought a new stake in Melco Resorts & Entertainment during the third quarter valued at about $81,000. Leo Wealth LLC purchased a new stake in shares of Melco Resorts & Entertainment during the third quarter worth about $93,000. Creative Planning raised its stake in Melco Resorts & Entertainment by 35.9% during the 3rd quarter. Creative Planning now owns 15,962 shares of the company's stock valued at $124,000 after purchasing an additional 4,220 shares during the period. Signaturefd LLC lifted its holdings in Melco Resorts & Entertainment by 16.6% in the 3rd quarter. Signaturefd LLC now owns 18,881 shares of the company's stock worth $147,000 after purchasing an additional 2,686 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Melco Resorts & Entertainment during the 3rd quarter valued at approximately $207,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley restated an "equal weight" rating and set a $7.50 price objective (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.40.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO traded up $0.18 on Monday, hitting $5.78. 4,718,786 shares of the stock were exchanged, compared to its average volume of 3,943,954. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $9.39. The firm has a market capitalization of $2.43 billion, a P/E ratio of -26.27, a P/E/G ratio of 0.57 and a beta of 1.05. The stock has a fifty day moving average price of $6.01 and a two-hundred day moving average price of $6.18.

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.