Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) shares fell 2.6% during mid-day trading on Tuesday . The company traded as low as $6.02 and last traded at $6.02. 473,476 shares were traded during mid-day trading, a decline of 86% from the average session volume of 3,364,569 shares. The stock had previously closed at $6.18.
Analysts Set New Price Targets
Separately, Morgan Stanley restated an "equal weight" rating and set a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $9.40.
Check Out Our Latest Report on MLCO
Melco Resorts & Entertainment Stock Down 3.2 %
The stock has a 50-day moving average price of $6.57 and a 200 day moving average price of $6.51. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -27.18, a P/E/G ratio of 0.98 and a beta of 1.05.
Institutional Investors Weigh In On Melco Resorts & Entertainment
Institutional investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter worth approximately $42,000. Panagora Asset Management Inc. lifted its position in Melco Resorts & Entertainment by 1,297.2% in the second quarter. Panagora Asset Management Inc. now owns 246,001 shares of the company's stock valued at $1,835,000 after acquiring an additional 228,394 shares during the last quarter. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment in the second quarter valued at $56,000. Hsbc Holdings PLC grew its holdings in shares of Melco Resorts & Entertainment by 47.5% during the second quarter. Hsbc Holdings PLC now owns 52,486 shares of the company's stock worth $395,000 after purchasing an additional 16,901 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Melco Resorts & Entertainment by 173.2% in the 2nd quarter. Sei Investments Co. now owns 602,058 shares of the company's stock valued at $4,491,000 after purchasing an additional 381,653 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.
Melco Resorts & Entertainment Company Profile
(
Get Free Report)
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.
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