Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Crosses Below 50-Day Moving Average – Should You Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $5.62 and traded as low as $5.43. Melco Resorts & Entertainment shares last traded at $5.44, with a volume of 1,738,293 shares changing hands.

Analyst Ratings Changes

MLCO has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Thursday, January 22nd. Texas Capital raised Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. Wall Street Zen upgraded Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Monday, May 11th. Finally, UBS Group upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective on the stock in a research report on Monday, February 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and an average price target of $9.68.

Melco Resorts & Entertainment Stock Performance

The stock has a market capitalization of $2.11 billion, a P/E ratio of 9.38, a price-to-earnings-growth ratio of 3.87 and a beta of 0.60. The firm has a 50-day moving average price of $5.62 and a 200 day moving average price of $6.73.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of MLCO. Royal Bank of Canada grew its position in Melco Resorts & Entertainment by 11.1% during the 1st quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock worth $949,000 after acquiring an additional 18,010 shares during the last quarter. Millennium Management LLC grew its position in Melco Resorts & Entertainment by 69.3% during the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock worth $10,097,000 after acquiring an additional 784,403 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after acquiring an additional 846,504 shares during the last quarter. Geode Capital Management LLC grew its position in Melco Resorts & Entertainment by 5.8% during the 2nd quarter. Geode Capital Management LLC now owns 369,491 shares of the company’s stock worth $2,669,000 after acquiring an additional 20,165 shares during the last quarter. Finally, Creative Planning grew its position in Melco Resorts & Entertainment by 67.4% during the 2nd quarter. Creative Planning now owns 17,981 shares of the company’s stock worth $130,000 after acquiring an additional 7,239 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors.

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.