Panagora Asset Management Inc. Has $1.84 Million Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Panagora Asset Management Inc. lifted its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 1,297.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 246,001 shares of the company's stock after buying an additional 228,394 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.06% of Melco Resorts & Entertainment worth $1,835,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MLCO. GAMMA Investing LLC purchased a new stake in shares of Melco Resorts & Entertainment during the fourth quarter worth about $37,000. Ridgewood Investments LLC purchased a new stake in Melco Resorts & Entertainment in the second quarter valued at approximately $42,000. Blue Trust Inc. grew its holdings in Melco Resorts & Entertainment by 243.4% in the second quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock valued at $53,000 after purchasing an additional 5,191 shares during the period. Russell Investments Group Ltd. purchased a new stake in Melco Resorts & Entertainment in the first quarter valued at approximately $56,000. Finally, Pitcairn Co. purchased a new stake in Melco Resorts & Entertainment in the first quarter valued at approximately $80,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MLCO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. downgraded shares of Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Morgan Stanley raised Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $8.30 to $9.60 in a research report on Monday, May 6th. Finally, Bank of America reduced their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating on the stock in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $9.82.

Melco Resorts & Entertainment Trading Down 0.4 %

NASDAQ MLCO traded down $0.02 during mid-day trading on Friday, reaching $5.07. 2,028,494 shares of the company's stock traded hands, compared to its average volume of 5,061,847. Melco Resorts & Entertainment Limited has a 1-year low of $4.78 and a 1-year high of $11.43. The company has a fifty day simple moving average of $6.09 and a 200-day simple moving average of $7.05. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -12.07, a P/E/G ratio of 0.84 and a beta of 1.04.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.16 billion. Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The business's quarterly revenue was up 22.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.02) earnings per share. Equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.2 earnings per share for the current fiscal year.

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.