Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Unusually-High Trading Volume

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares saw unusually-high trading volume on Thursday . Approximately 8,369,809 shares traded hands during trading, an increase of 156% from the previous session’s volume of 3,267,469 shares.The stock last traded at $5.10 and had previously closed at $5.14.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Susquehanna lowered 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 report on Monday, April 29th. Bank of America dropped their price target on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Monday. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $8.30 to $9.60 in a report on Monday, May 6th. JPMorgan Chase & Co. lowered Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $7.00 in a report on Thursday, July 18th. Finally, Citigroup raised their price target on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and an average target price of $9.82.

Melco Resorts & Entertainment Trading Up 0.8 %

The stock has a market capitalization of $2.31 billion, a PE ratio of -12.24, a PEG ratio of 0.46 and a beta of 1.04. The company’s 50 day simple moving average is $6.70 and its 200 day simple moving average is $7.33.

Institutional Trading of Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors grew its stake in shares of Melco Resorts & Entertainment by 22.6% during the 1st quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock valued at $154,728,000 after buying an additional 3,958,998 shares during the period. Invenomic Capital Management LP purchased a new stake in Melco Resorts & Entertainment during the 1st quarter worth $15,963,000. Coronation Fund Managers Ltd. boosted its position in Melco Resorts & Entertainment by 16.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock worth $115,636,000 after purchasing an additional 2,166,524 shares during the period. Eminence Capital LP boosted its position in Melco Resorts & Entertainment by 14.0% during the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after purchasing an additional 2,154,509 shares during the period. Finally, ARGA Investment Management LP boosted its position in Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after purchasing an additional 1,695,442 shares during the period. 39.62% of the stock is 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.