Renaissance Technologies LLC Purchases 1,150,500 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Renaissance Technologies LLC lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 92.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,398,300 shares of the company's stock after buying an additional 1,150,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.57% of Melco Resorts & Entertainment worth $13,886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company's stock valued at $44,000 after acquiring an additional 4,403 shares during the last quarter. Samalin Investment Counsel LLC increased its holdings in shares of Melco Resorts & Entertainment by 11.6% in the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company's stock worth $557,000 after purchasing an additional 10,000 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth about $58,000. Empirical Asset Management LLC purchased a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth about $73,000. Finally, Mcdonald Partners LLC boosted its stake in Melco Resorts & Entertainment by 19.4% during the fourth quarter. Mcdonald Partners LLC now owns 92,360 shares of the company's stock valued at $535,000 after buying an additional 15,021 shares during the last quarter. Institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO traded up $0.10 during trading on Friday, hitting $4.84. The company had a trading volume of 4,725,325 shares, compared to its average volume of 3,750,831. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -21.98, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87. The company has a fifty day simple moving average of $5.45 and a two-hundred day simple moving average of $6.06. Melco Resorts & Entertainment Limited has a one year low of $4.55 and a one year high of $8.90.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Susquehanna reduced their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, February 3rd. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and reduced their price target for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Finally, Citigroup upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price objective for the company in a research report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $7.29.

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.