Solstein Capital LLC Grows Stake in Melco Resorts & Entertainment Limited $MLCO

Solstein Capital LLC grew its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 74.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 9,340 shares of the company’s stock after acquiring an additional 4,000 shares during the quarter. Solstein Capital LLC’s holdings in Melco Resorts & Entertainment were worth $68,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Envestnet Asset Management Inc. purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at about $355,000. State of New Jersey Common Pension Fund D purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at about $88,000. Bleakley Financial Group LLC increased its holdings in shares of Melco Resorts & Entertainment by 53.8% in the 2nd quarter. Bleakley Financial Group LLC now owns 193,422 shares of the company’s stock valued at $1,398,000 after acquiring an additional 67,686 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at about $38,000. Finally, DAVENPORT & Co LLC increased its holdings in shares of Melco Resorts & Entertainment by 1.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock valued at $631,000 after acquiring an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $8.32 on Monday. The business has a 50 day simple moving average of $9.11 and a 200-day simple moving average of $7.69. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $10.15. The stock has a market capitalization of $3.49 billion, a PE ratio of 64.00 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.14. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $0.05 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Citigroup upped their target price on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a research report on Friday, August 1st. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and upped their target price for the company from $7.20 to $9.50 in a research report on Tuesday, July 1st. Zacks Research cut Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Saturday. Finally, CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research report on Wednesday, September 3rd. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.15.

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.