Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Up 7.2% - Time to Buy?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) traded up 7.2% during trading on Tuesday . The company traded as high as $5.04 and last traded at $4.97. 962,546 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 3,627,090 shares. The stock had previously closed at $4.63.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MLCO shares. Citigroup upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price objective on the stock in a research report on Thursday. Susquehanna dropped their price target 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. Finally, Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and reduced their price objective for the company from $7.50 to $6.70 in a research report on Monday, March 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and a consensus price target of $7.29.

Melco Resorts & Entertainment Price Performance

The company's 50-day simple moving average is $5.49 and its two-hundred day simple moving average is $6.13. The firm has a market capitalization of $2.03 billion, a P/E ratio of -21.64, a P/E/G ratio of 0.63 and a beta of 0.87.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of MLCO. GAMMA Investing LLC increased its position in Melco Resorts & Entertainment by 140.7% in the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company's stock worth $44,000 after buying an additional 4,403 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in Melco Resorts & Entertainment during the 4th quarter worth approximately $58,000. Empirical Asset Management LLC purchased a new position in Melco Resorts & Entertainment during the fourth quarter valued at approximately $73,000. Vident Advisory LLC bought a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth approximately $142,000. Finally, Wealthspire Advisors LLC purchased a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth $145,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.