Short Interest in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Drops By 15.2%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) was the recipient of a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 9,220,000 shares, a decline of 15.2% from the May 31st total of 10,870,000 shares. Currently, 2.1% of the shares of the stock are short sold. Based on an average trading volume of 3,250,000 shares, the short-interest ratio is currently 2.8 days.

Melco Resorts & Entertainment Trading Down 2.5 %

MLCO stock traded down $0.19 during trading on Friday, hitting $7.46. The company had a trading volume of 1,338,795 shares, compared to its average volume of 2,022,672. The business has a 50-day moving average of $7.73 and a 200-day moving average of $7.88. Melco Resorts & Entertainment has a one year low of $6.10 and a one year high of $13.91. The stock has a market cap of $3.32 billion, a PE ratio of -17.76, a PEG ratio of 0.52 and a beta of 1.08.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.02. The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.11 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The company's revenue for the quarter was up 55.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.14) EPS. Research analysts forecast that Melco Resorts & Entertainment will post 0.3 EPS for the current year.

Analyst Upgrades and Downgrades

MLCO has been the topic of a number of recent research reports. Morgan Stanley raised Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $8.30 to $9.60 in a research note on Monday, May 6th. StockNews.com raised Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research note on Friday, April 5th. Susquehanna cut their price target on Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating on the stock in a research note on Monday, April 29th. Bank of America raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and lifted their price target for the company from $7.50 to $10.40 in a research note on Wednesday, May 29th. Finally, Citigroup upped their target price on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a "buy" rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.26.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of MLCO. Acadian Asset Management LLC boosted its holdings in shares of Melco Resorts & Entertainment by 29.9% during the 3rd quarter. Acadian Asset Management LLC now owns 20,045 shares of the company's stock worth $198,000 after buying an additional 4,608 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Melco Resorts & Entertainment by 77.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company's stock worth $4,069,000 after buying an additional 179,070 shares in the last quarter. Seven Eight Capital LP raised its position in shares of Melco Resorts & Entertainment by 143.0% during the third quarter. Seven Eight Capital LP now owns 111,559 shares of the company's stock worth $1,103,000 after purchasing an additional 65,659 shares during the period. Banque Pictet & Cie SA acquired a new position in shares of Melco Resorts & Entertainment during the third quarter worth approximately $175,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $88,000. 39.62% of the stock is currently owned by 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.