Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Large Volume Increase – Should You Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCOGet Free Report) saw strong trading volume on Wednesday . 8,476,339 shares changed hands during mid-day trading, an increase of 298% from the previous session’s volume of 2,131,709 shares.The stock last traded at $5.54 and had previously closed at $5.53.

Analyst Upgrades and Downgrades

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

Get Our Latest Stock Report on Melco Resorts & Entertainment

Melco Resorts & Entertainment Stock Performance

The stock has a market cap of $2.33 billion, a P/E ratio of -25.18, a P/E/G ratio of 0.45 and a beta of 1.05. The business has a 50 day simple moving average of $6.12 and a 200-day simple moving average of $6.26.

Institutional Trading of Melco Resorts & Entertainment

A number of large investors have recently added to or reduced their stakes in the stock. Eminence Capital LP grew its position in shares of Melco Resorts & Entertainment by 14.0% during the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after acquiring an additional 2,154,509 shares during the period. BNP Paribas Financial Markets lifted 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 during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Melco Resorts & Entertainment by 124.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after purchasing an additional 133,086 shares during the period. Coronation Fund Managers Ltd. increased its position in Melco Resorts & Entertainment by 15.0% in the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock worth $101,835,000 after buying an additional 1,705,872 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Melco Resorts & Entertainment in the second quarter worth $2,914,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

(Get Free Report)

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.

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