Stock Traders Buy High Volume of Melco Resorts & Entertainment Call Options (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of unusually large options trading on Friday. Stock investors purchased 8,162 call options on the company. This represents an increase of 82% compared to the typical daily volume of 4,490 call options.

Melco Resorts & Entertainment Trading Up 2.7 %

NASDAQ:MLCO traded up $0.17 during trading hours on Friday, hitting $6.37. 1,943,172 shares of the stock traded hands, compared to its average volume of 3,339,427. The firm has a 50 day moving average price of $6.90 and a 200 day moving average price of $6.74. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -28.18, a PEG ratio of 0.90 and a beta of 1.07. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $9.56.

Analyst Upgrades and Downgrades

Separately, Bank of America reduced their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $9.82.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently bought and sold shares of the business. Eminence Capital LP grew its stake 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 valued at $130,565,000 after acquiring an additional 2,154,509 shares in the last quarter. Coronation Fund Managers Ltd. grew its position in Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after purchasing an additional 1,705,872 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Melco Resorts & Entertainment in the 2nd quarter valued at approximately $2,914,000. Solel Partners LP lifted its position in Melco Resorts & Entertainment by 34.2% in the 2nd quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock worth $9,907,000 after buying an additional 338,700 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in shares of Melco Resorts & Entertainment by 1,297.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 246,001 shares of the company’s stock valued at $1,835,000 after buying an additional 228,394 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.