Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 3.1% – Here’s What Happened

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) were down 3.1% during trading on Thursday . The company traded as low as $5.60 and last traded at $5.61. Approximately 480,691 shares changed hands during trading, a decline of 86% from the average daily volume of 3,360,736 shares. The stock had previously closed at $5.79.

Wall Street Analyst Weigh In

Separately, Morgan Stanley reissued an “equal weight” rating and issued a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.40.

Melco Resorts & Entertainment Trading Up 1.4 %

The business has a fifty day moving average price of $6.35 and a two-hundred day moving average price of $6.39. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -25.45, a P/E/G ratio of 0.98 and a beta of 1.05.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the stock. Signaturefd LLC lifted its stake in Melco Resorts & Entertainment by 16.6% in the third quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock valued at $147,000 after acquiring an additional 2,686 shares during the last quarter. Creative Planning raised its holdings in Melco Resorts & Entertainment by 35.9% during the third quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after buying an additional 4,220 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of 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 buying an additional 4,403 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Melco Resorts & Entertainment by 12.3% in 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, Headlands Technologies LLC bought a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter worth about $56,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

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.