Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Unusually-High Trading Volume – Still a Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares saw an uptick in trading volume on Wednesday . Approximately 3,303,708 shares changed hands during mid-day trading, an increase of 48% from the previous session’s volume of 2,228,740 shares.The stock last traded at $5.2550 and had previously closed at $5.26.

Wall Street Analysts Forecast Growth

MLCO has been the topic of a number of recent research reports. CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. CLSA lowered Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price target on the stock. in a research report on Friday, June 5th. Finally, Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.47.

Melco Resorts & Entertainment Trading Down 0.3%

The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 3.27 and a beta of 0.59. The stock has a 50-day simple moving average of $5.49 and a 200-day simple moving average of $5.95.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FIL Ltd bought a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth about $35,198,000. Arrowstreet Capital Limited Partnership boosted its stake in Melco Resorts & Entertainment by 67.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after acquiring an additional 3,700,980 shares during the period. Coronation Fund Managers Ltd. grew its holdings in shares of Melco Resorts & Entertainment by 35.2% during the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after purchasing an additional 2,934,127 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Melco Resorts & Entertainment by 257.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock worth $29,253,000 after purchasing an additional 2,784,251 shares during the period. Finally, National Bank of Canada FI raised its position in shares of Melco Resorts & Entertainment by 71,281.5% during the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after purchasing an additional 2,203,311 shares during the period. Institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.