Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 5.3% – What’s Next?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) traded down 5.3% during trading on Monday . The company traded as low as $5.15 and last traded at $5.1050. Approximately 1,530,169 shares traded hands during trading, a decline of 31% from the average session volume of 2,209,081 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

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

Melco Resorts & Entertainment Trading Down 0.5%

The firm’s 50 day simple moving average is $5.49 and its two-hundred day simple moving average is $5.95. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 9.03, a PEG ratio of 3.27 and a beta of 0.59.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of large investors have recently added to or reduced their stakes in MLCO. Coronation Fund Managers Ltd. raised its holdings in Melco Resorts & Entertainment by 35.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after acquiring an additional 2,934,127 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Melco Resorts & Entertainment by 67.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock worth $84,352,000 after purchasing an additional 3,700,980 shares during the period. Goldman Sachs Group Inc. grew its stake in Melco Resorts & Entertainment by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after buying an additional 846,504 shares in the last quarter. FIL Ltd acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $35,198,000. Finally, Renaissance Technologies LLC increased its holdings in Melco Resorts & Entertainment by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock valued at $25,342,000 after buying an additional 325,900 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company Profile

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.