Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 3.1% – What’s Next?

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

Analyst Upgrades and Downgrades

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

Melco Resorts & Entertainment Price Performance

The firm has a market cap of $2.35 billion, a PE ratio of -25.41, a P/E/G ratio of 0.98 and a beta of 1.05. The business’s fifty day moving average is $6.39 and its 200-day moving average is $6.42.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MLCO. Headlands Technologies LLC bought a new position in Melco Resorts & Entertainment in the 2nd quarter valued at $56,000. Ballentine Partners LLC bought a new position in shares of Melco Resorts & Entertainment in the third quarter worth approximately $81,000. Leo Wealth LLC bought a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $93,000. Creative Planning grew its stake in Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after buying an additional 4,220 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Melco Resorts & Entertainment by 16.6% in the 3rd quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock worth $147,000 after buying an additional 2,686 shares during the last quarter. Hedge funds and other institutional investors 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.