Melco Resorts & Entertainment (NASDAQ:MLCO) Trading 6.7% Higher - Here's What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report)'s stock price traded up 6.7% during trading on Friday . The company traded as high as $6.20 and last traded at $6.14. 6,200,679 shares changed hands during trading, an increase of 55% from the average session volume of 4,001,531 shares. The stock had previously closed at $5.75.

Analyst Ratings Changes

Several research analysts recently issued reports on MLCO shares. Susquehanna dropped their price objective 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. Citigroup cut Melco Resorts & Entertainment from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $10.00 to $6.00 in a report on Monday, February 10th. Finally, Morgan Stanley restated an "equal weight" rating and issued a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $7.40.

Melco Resorts & Entertainment Trading Down 0.6 %

The firm has a 50-day simple moving average of $5.83 and a 200-day simple moving average of $6.14. The firm has a market cap of $2.62 billion, a P/E ratio of -28.26, a PEG ratio of 0.55 and a beta of 1.04.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds have recently modified their holdings of the company. Signaturefd LLC raised its stake in shares of Melco Resorts & Entertainment by 16.6% during the 3rd quarter. Signaturefd LLC now owns 18,881 shares of the company's stock worth $147,000 after acquiring an additional 2,686 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Melco Resorts & Entertainment by 8.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock worth $291,000 after purchasing an additional 3,873 shares in the last quarter. Creative Planning lifted its holdings in shares of 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 last quarter. GAMMA Investing LLC boosted its position in shares of Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company's stock worth $44,000 after purchasing an additional 4,403 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Melco Resorts & Entertainment by 12.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company's stock worth $437,000 after purchasing an additional 6,148 shares in the last quarter. 39.62% of the stock is 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.