Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 4.7% - Here's What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) shares were down 4.7% during mid-day trading on Friday . The company traded as low as $5.29 and last traded at $5.32. Approximately 820,733 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 3,951,698 shares. The stock had previously closed at $5.58.

Wall Street Analyst Weigh In

MLCO has been the subject of a number of research analyst reports. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and cut their price target for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. Susquehanna cut their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, February 3rd. Finally, Citigroup lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $10.00 to $6.00 in a research report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment presently has an average rating of "Moderate Buy" and an average price target of $7.24.

Melco Resorts & Entertainment Trading Down 2.2 %

The company's fifty day simple moving average is $5.68 and its 200-day simple moving average is $6.21. The stock has a market cap of $2.29 billion, a P/E ratio of -24.77, a price-to-earnings-growth ratio of 0.63 and a beta of 1.02.

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Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Melco Resorts & Entertainment by 17.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 447,953 shares of the company's stock valued at $2,594,000 after purchasing an additional 67,581 shares during the period. Vident Advisory LLC bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $142,000. Twinbeech Capital LP boosted its stake in shares of Melco Resorts & Entertainment by 2,039.4% in the 4th quarter. Twinbeech Capital LP now owns 219,336 shares of the company's stock valued at $1,270,000 after purchasing an additional 209,084 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Melco Resorts & Entertainment by 759.1% in the 4th quarter. Two Sigma Advisers LP now owns 128,000 shares of the company's stock worth $741,000 after purchasing an additional 113,100 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Melco Resorts & Entertainment by 1,588.1% during the 4th quarter. Two Sigma Investments LP now owns 579,341 shares of the company's stock worth $3,354,000 after purchasing an additional 545,021 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company's stock.

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.