Van ECK Associates Corp Cuts Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Van ECK Associates Corp lessened its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 8.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,124 shares of the company’s stock after selling 3,074 shares during the period. Van ECK Associates Corp’s holdings in Melco Resorts & Entertainment were worth $198,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of 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 period. Patriot Financial Group Insurance Agency LLC purchased a new stake in Melco Resorts & Entertainment during the 4th quarter worth $58,000. Ballentine Partners LLC purchased a new stake in Melco Resorts & Entertainment during the 3rd quarter worth $81,000. Empirical Asset Management LLC purchased a new stake in Melco Resorts & Entertainment during the 4th quarter worth $73,000. Finally, Creative Planning increased its stake in Melco Resorts & Entertainment by 35.9% during the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after buying an additional 4,220 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Trading Down 2.0 %

Shares of NASDAQ:MLCO opened at $6.01 on Monday. The company has a 50 day moving average of $5.77 and a 200-day moving average of $6.17. The firm has a market cap of $2.52 billion, a P/E ratio of -27.32, a P/E/G ratio of 0.63 and a beta of 1.04. Melco Resorts & Entertainment Limited has a twelve month low of $4.78 and a twelve month high of $8.90.

Wall Street Analysts Forecast Growth

MLCO has been the topic of several analyst reports. Citigroup downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Susquehanna dropped their target price on shares of 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. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.40.

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.