Canada Pension Plan Investment Board Sells 200,100 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Canada Pension Plan Investment Board lowered its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 19.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 827,600 shares of the company's stock after selling 200,100 shares during the period. Canada Pension Plan Investment Board owned about 0.19% of Melco Resorts & Entertainment worth $6,174,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ridgewood Investments LLC purchased a new stake in Melco Resorts & Entertainment during the second quarter valued at approximately $42,000. Blue Trust Inc. increased its stake in shares of Melco Resorts & Entertainment by 243.4% in the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock worth $53,000 after purchasing an additional 5,191 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Melco Resorts & Entertainment in the 1st quarter worth $56,000. Headlands Technologies LLC purchased a new position in Melco Resorts & Entertainment during the second quarter valued at $56,000. Finally, Pitcairn Co. bought a new stake in Melco Resorts & Entertainment during the first quarter valued at about $80,000. Institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ:MLCO traded down $0.01 during trading on Wednesday, hitting $6.53. 3,240,896 shares of the company's stock were exchanged, compared to its average volume of 3,316,244. The business's 50-day simple moving average is $5.57 and its 200 day simple moving average is $6.76. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $10.10.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MLCO shares. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $10.00 to $7.00 in a research note on Thursday, July 18th. Bank of America decreased their target price on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating on the stock in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.82.

Melco Resorts & Entertainment 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.