Stock Traders Purchase Large Volume of Put Options on Melco Resorts & Entertainment (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 25,071 put options on the stock. This is an increase of approximately 398% compared to the typical daily volume of 5,032 put options.

Melco Resorts & Entertainment Stock Down 2.8 %

Shares of MLCO stock traded down $0.16 during trading hours on Tuesday, reaching $5.47. 4,372,360 shares of the stock traded hands, compared to its average volume of 3,883,616. Melco Resorts & Entertainment has a 1-year low of $4.78 and a 1-year high of $9.39. The firm has a market capitalization of $2.29 billion, a PE ratio of -24.84, a PEG ratio of 0.61 and a beta of 1.04. The business has a fifty day moving average price of $6.00 and a 200 day moving average price of $6.16.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently made changes to their positions in MLCO. ARGA Investment Management LP raised its position in shares of Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after acquiring an additional 456,117 shares during the last quarter. Coronation Fund Managers Ltd. boosted its holdings in Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock worth $101,835,000 after purchasing an additional 1,705,872 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Melco Resorts & Entertainment by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock valued at $5,107,000 after purchasing an additional 238,884 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Melco Resorts & Entertainment by 88.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock valued at $2,963,000 after buying an additional 178,993 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Melco Resorts & Entertainment by 124.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock worth $1,869,000 after purchasing an additional 133,086 shares during the last quarter. Institutional investors own 39.62% of the company’s stock.

Analyst Upgrades and Downgrades

MLCO has been the subject of a number of research analyst reports. Morgan Stanley restated an “equal weight” rating and issued a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday, December 17th. Susquehanna dropped their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

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.