Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 2.8%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price was down 2.8% during trading on Wednesday . The stock traded as low as $6.69 and last traded at $6.70. Approximately 168,718 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 2,944,861 shares. The stock had previously closed at $6.89.

Wall Street Analyst Weigh In

MLCO has been the subject of several research analyst reports. Morgan Stanley reiterated an “equal weight” rating and set a $9.60 target price on shares of Melco Resorts & Entertainment in a research report on Tuesday, January 2nd. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.78.

Melco Resorts & Entertainment Stock Performance

The firm has a 50 day moving average price of $7.60 and a 200 day moving average price of $7.99.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Thursday, February 29th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business posted ($0.51) EPS. The company’s revenue for the quarter was up 224.4% on a year-over-year basis. As a group, analysts forecast that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ARGA Investment Management LP grew its stake in Melco Resorts & Entertainment by 6.1% in the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. Capital World Investors grew its position in Melco Resorts & Entertainment by 3.1% during the 4th quarter. Capital World Investors now owns 13,052,483 shares of the company’s stock worth $115,776,000 after purchasing an additional 390,831 shares during the last quarter. Coronation Fund Managers Ltd. increased its position in shares of Melco Resorts & Entertainment by 10.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 11,720,993 shares of the company’s stock valued at $115,921,000 after acquiring an additional 1,119,397 shares during the period. BlackRock Inc. increased its holdings in shares of Melco Resorts & Entertainment by 52.3% in the third quarter. BlackRock Inc. now owns 9,078,406 shares of the company’s stock valued at $60,190,000 after purchasing an additional 3,117,633 shares during the period. Finally, State Street Corp boosted its holdings in shares of Melco Resorts & Entertainment by 6.8% in the 1st quarter. State Street Corp now owns 7,314,325 shares of the company’s stock valued at $55,881,000 after acquiring an additional 463,882 shares during the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.