Melco Resorts & Entertainment (NASDAQ:MLCO) Trading Down 4.1% - What's Next?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) dropped 4.1% during trading on Friday . The stock traded as low as $6.02 and last traded at $6.01. Approximately 254,035 shares traded hands during trading, a decline of 93% from the average daily volume of 3,746,906 shares. The stock had previously closed at $6.26.

Analysts Set New Price Targets

Several research firms have recently weighed in on MLCO. Morgan Stanley reiterated an "equal weight" rating and issued a $7.50 price target (down previously from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Susquehanna lowered their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $9.00.

Melco Resorts & Entertainment Trading Down 4.6 %

The firm's 50 day simple moving average is $6.00 and its 200-day simple moving average is $6.16. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -24.36, a price-to-earnings-growth ratio of 0.61 and a beta of 1.04.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MLCO. Wealthspire Advisors LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $145,000. Mcdonald Partners LLC lifted its holdings in Melco Resorts & Entertainment by 19.4% during the 4th quarter. Mcdonald Partners LLC now owns 92,360 shares of the company's stock worth $535,000 after purchasing an additional 15,021 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in Melco Resorts & Entertainment during the fourth quarter worth about $407,000. Bleakley Financial Group LLC raised its holdings in Melco Resorts & Entertainment by 28.1% in the 4th quarter. Bleakley Financial Group LLC now owns 74,409 shares of the company's stock valued at $431,000 after acquiring an additional 16,308 shares in the last quarter. Finally, ARGA Investment Management LP grew its holdings in shares of Melco Resorts & Entertainment by 1.6% during 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. 39.62% of the stock is owned by institutional investors and hedge funds.

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.