Polymer Capital Management HK LTD Acquires 101,955 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Polymer Capital Management HK LTD lifted its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 493,091 shares of the company's stock after acquiring an additional 101,955 shares during the quarter. Polymer Capital Management HK LTD owned 0.12% of Melco Resorts & Entertainment worth $2,855,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MLCO. Russell Investments Group Ltd. increased its stake in Melco Resorts & Entertainment by 1,225.3% in the 4th quarter. Russell Investments Group Ltd. now owns 43,100 shares of the company's stock worth $250,000 after purchasing an additional 39,848 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 190.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 42,930 shares of the company's stock worth $249,000 after buying an additional 28,142 shares during the period. Pinpoint Asset Management Ltd increased its position in shares of Melco Resorts & Entertainment by 32.2% in the fourth quarter. Pinpoint Asset Management Ltd now owns 89,961 shares of the company's stock worth $521,000 after acquiring an additional 21,933 shares in the last quarter. Trexquant Investment LP raised its holdings in shares of Melco Resorts & Entertainment by 105.2% during the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company's stock valued at $6,570,000 after acquiring an additional 581,778 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Melco Resorts & Entertainment by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 364,090 shares of the company's stock valued at $2,108,000 after acquiring an additional 27,411 shares in the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO traded down $0.09 during mid-day trading on Friday, reaching $4.75. The company had a trading volume of 3,690,894 shares, compared to its average volume of 3,697,266. Melco Resorts & Entertainment Limited has a twelve month low of $4.55 and a twelve month high of $8.90. The stock's 50 day moving average is $5.50 and its 200-day moving average is $6.14. The stock has a market capitalization of $2.02 billion, a PE ratio of -21.52, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87.

Analysts Set New Price Targets

Several equities analysts have weighed in on MLCO shares. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lowered their price objective for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Citigroup raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price target on the stock in a research report on Thursday. Finally, Susquehanna decreased their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $7.29.

Melco Resorts & Entertainment Company 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.