Melco Resorts & Entertainment Sees Unusually High Options Volume (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of some unusual options trading on Thursday. Traders acquired 7,366 put options on the company. This is an increase of 126% compared to the typical daily volume of 3,257 put options.

Melco Resorts & Entertainment Stock Up 2.3 %

Melco Resorts & Entertainment stock opened at $8.17 on Friday. Melco Resorts & Entertainment has a 52-week low of $4.78 and a 52-week high of $9.56. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -19.45, a PEG ratio of 1.00 and a beta of 1.03. The firm’s fifty day moving average is $5.80 and its 200 day moving average is $6.78.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The firm’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.02) earnings per share. On average, equities research analysts anticipate that Melco Resorts & Entertainment will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors have recently modified their holdings of the stock. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment in the second quarter worth $42,000. Blue Trust Inc. raised its stake in shares of Melco Resorts & Entertainment by 243.4% in the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after acquiring an additional 5,191 shares during the period. Russell Investments Group Ltd. bought a new stake in shares of Melco Resorts & Entertainment in the 1st quarter worth about $56,000. Headlands Technologies LLC bought a new position in Melco Resorts & Entertainment during the 2nd quarter valued at about $56,000. Finally, Pitcairn Co. purchased a new stake in Melco Resorts & Entertainment in the 1st quarter worth about $80,000. 39.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on MLCO. Bank of America decreased their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. JPMorgan Chase & Co. downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $7.00 in a report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Melco Resorts & Entertainment Company Profile

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.