Melco Resorts & Entertainment Target of Unusually Large Options Trading (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) was the target of some unusual options trading activity on Tuesday. Investors acquired 25,071 put options on the company. This represents an increase of 398% compared to the average daily volume of 5,032 put options.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently modified their holdings of MLCO. Signaturefd LLC increased its stake in shares of Melco Resorts & Entertainment by 16.6% in the third quarter. Signaturefd LLC now owns 18,881 shares of the company's stock worth $147,000 after purchasing an additional 2,686 shares during the period. Creative Planning raised its position in Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company's stock worth $124,000 after purchasing an additional 4,220 shares during the last quarter. GAMMA Investing LLC increased its position in Melco Resorts & Entertainment by 140.7% in the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company's stock worth $44,000 after purchasing an additional 4,403 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Melco Resorts & Entertainment by 12.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company's stock worth $437,000 after buying an additional 6,148 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Melco Resorts & Entertainment by 5.3% during the second quarter. Cetera Investment Advisers now owns 169,277 shares of the company's stock worth $1,263,000 after purchasing an additional 8,507 shares during the period. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO stock traded up $0.18 during trading hours on Friday, reaching $5.52. The company had a trading volume of 4,084,121 shares, compared to its average volume of 4,262,165. The stock's fifty day simple moving average is $5.94 and its 200 day simple moving average is $6.14. Melco Resorts & Entertainment has a twelve month low of $4.78 and a twelve month high of $9.39. The company has a market capitalization of $2.32 billion, a P/E ratio of -25.09, a price-to-earnings-growth ratio of 0.55 and a beta of 1.04.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Susquehanna decreased their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday, February 3rd. Morgan Stanley reiterated an "equal weight" rating and issued a $7.50 price target (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $9.00.

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.