Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Large Volume Increase – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares saw unusually-strong trading volume on Wednesday . Approximately 3,303,708 shares traded 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.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MLCO. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th. CLSA downgraded shares of Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price objective on the stock. in a research report on Friday, June 5th. Wall Street Zen cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. Finally, Morgan Stanley lowered shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. One 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.47.

Melco Resorts & Entertainment Stock Performance

The business’s 50 day moving average price is $5.49 and its two-hundred day moving average price is $5.95. 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.

Institutional Trading of Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the company. Coronation Fund Managers Ltd. raised its position in Melco Resorts & Entertainment by 35.2% in the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after acquiring an additional 2,934,127 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake 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 valued at $84,352,000 after purchasing an additional 3,700,980 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings 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 position in Melco Resorts & Entertainment in the fourth quarter worth approximately $35,198,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Melco Resorts & Entertainment by 7.9% in the first 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 in the last quarter. 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.