Melco Resorts & Entertainment (NASDAQ:MLCO) Hits New 12-Month Low - Should You Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $4.74 and last traded at $4.84, with a volume of 7427206 shares trading hands. The stock had previously closed at $5.32.

Wall Street Analysts Forecast Growth

MLCO has been the topic of a number of recent analyst reports. Citigroup lowered Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $10.00 to $6.00 in a report on Monday, February 10th. Susquehanna reduced their price objective 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, Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $7.50 to $6.70 in a research report on Monday, March 3rd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $7.24.

Melco Resorts & Entertainment Stock Performance

The company has a fifty day moving average of $5.52 and a two-hundred day moving average of $6.15. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -23.14, a PEG ratio of 0.63 and a beta of 0.87.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently modified their holdings of MLCO. ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment by 1.6% in the 4th 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 in the last quarter. Eminence Capital LP raised its position in shares of Melco Resorts & Entertainment by 22.1% in the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock valued at $44,791,000 after buying an additional 1,402,619 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Melco Resorts & Entertainment by 1.4% in the fourth quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock valued at $35,211,000 after buying an additional 83,268 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at approximately $28,989,000. Finally, Renaissance Technologies LLC grew its position in Melco Resorts & Entertainment by 92.2% during 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 in the last quarter. Institutional investors own 39.62% of the company's stock.

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.