Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 5.3% – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares dropped 5.3% during mid-day trading on Monday . The stock traded as low as $5.15 and last traded at $5.1050. 1,530,169 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 2,209,081 shares. The stock had previously closed at $5.39.

Wall Street Analysts Forecast Growth

MLCO has been the topic of several research analyst reports. Wall Street Zen cut Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday, June 22nd. CLSA lowered shares of Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price objective on the stock. in a report on Friday, June 5th. Finally, CICC Research upgraded shares of Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Hold” and a consensus price target of $8.47.

Melco Resorts & Entertainment Price Performance

The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 8.87, a price-to-earnings-growth ratio of 3.37 and a beta of 0.59. The stock has a 50-day moving average of $5.51 and a 200 day moving average of $5.99.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the business. Osaic Holdings Inc. raised its stake in shares of Melco Resorts & Entertainment by 8.3% during the second quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock worth $123,000 after buying an additional 1,295 shares during the last quarter. Orion Porfolio Solutions LLC boosted its stake in Melco Resorts & Entertainment by 15.5% in the second quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock valued at $98,000 after acquiring an additional 1,819 shares during the last quarter. Fox Run Management L.L.C. grew its holdings in Melco Resorts & Entertainment by 5.1% during the 4th quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock worth $350,000 after acquiring an additional 2,256 shares during the period. Ameriprise Financial Inc. grew its holdings in Melco Resorts & Entertainment by 0.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock worth $2,380,000 after acquiring an additional 2,442 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Melco Resorts & Entertainment by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock valued at $525,000 after acquiring an additional 2,444 shares during the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.