Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped down before the market opened on Monday . The stock had previously closed at $5.10, but opened at $4.97. Melco Resorts & Entertainment shares last traded at $5.14, with a volume of 546,831 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MLCO. Citigroup upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price target for the company in a report on Thursday, April 10th. Susquehanna cut their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Finally, Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $7.50 to $6.70 in a research report on Monday, March 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.29.

Melco Resorts & Entertainment Stock Down 1.0 %

The business has a 50 day simple moving average of $5.30 and a 200 day simple moving average of $5.87. The company has a market capitalization of $2.20 billion, a PE ratio of -23.54, a PEG ratio of 0.63 and a beta of 0.87.

Institutional Investors Weigh In On Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Melco Resorts & Entertainment by 47.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company’s stock valued at $2,045,000 after purchasing an additional 113,328 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Melco Resorts & Entertainment by 92.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock valued at $13,886,000 after acquiring an additional 1,150,500 shares during the last quarter. ARGA Investment Management LP boosted 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. State of New Jersey Common Pension Fund D acquired a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at about $407,000. Finally, Sei Investments Co. boosted its position in shares of Melco Resorts & Entertainment by 20.4% during the 4th quarter. Sei Investments Co. now owns 725,100 shares of the company’s stock valued at $4,198,000 after acquiring an additional 123,042 shares during the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.