Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 3.5% Following Analyst Downgrade

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s stock price fell 3.5% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $8.50 to $7.50. Bank of America currently has a buy rating on the stock. Melco Resorts & Entertainment traded as low as $5.11 and last traded at $5.20. 681,777 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 3,121,853 shares. The stock had previously closed at $5.39.

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $8.30 to $9.60 in a report on Monday, May 6th. Citigroup boosted their price target on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $7.00 in a research report on Thursday, July 18th. Finally, Susquehanna dropped their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.82.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of MLCO. GAMMA Investing LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter valued at about $37,000. Ridgewood Investments LLC acquired a new position in Melco Resorts & Entertainment in the second quarter worth $42,000. Blue Trust Inc. increased its stake in Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after purchasing an additional 5,191 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Melco Resorts & Entertainment during the second quarter worth $56,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Melco Resorts & Entertainment during the first quarter worth $56,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Trading Down 2.0 %

The stock’s 50-day moving average price is $6.82 and its 200-day moving average price is $7.37. The company has a market capitalization of $2.35 billion, a P/E ratio of -12.83, a P/E/G ratio of 0.46 and a beta of 1.04.

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.