Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 12-Month Low – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $5.14 and last traded at $5.2950, with a volume of 1287780 shares trading hands. The stock had previously closed at $5.47.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MLCO. CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th. Wall Street Zen raised Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, June 20th. CLSA cut Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 target price on the stock. in a report on Friday, June 5th. Finally, Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $8.47.

Melco Resorts & Entertainment Stock Performance

The company has a market cap of $2.00 billion, a price-to-earnings ratio of 8.91, a price-to-earnings-growth ratio of 3.00 and a beta of 0.58. The stock’s fifty day moving average is $5.59 and its two-hundred day moving average is $6.14.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the stock. FIL Ltd purchased a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at approximately $35,198,000. Arrowstreet Capital Limited Partnership raised its position in Melco Resorts & Entertainment by 67.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after buying an additional 3,700,980 shares during the last quarter. Coronation Fund Managers Ltd. raised its position in Melco Resorts & Entertainment by 35.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after buying an additional 2,934,127 shares during the last quarter. Balyasny Asset Management L.P. raised its position in Melco Resorts & Entertainment by 257.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after buying an additional 2,784,251 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in Melco Resorts & Entertainment by 71,281.5% during the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock valued at $20,233,000 after acquiring an additional 2,203,311 shares in the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.