Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Sees Significant Increase in Short Interest

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 9,390,000 shares, a growth of 61.6% from the February 13th total of 5,810,000 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily volume of 3,900,000 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MLCO shares. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, February 3rd. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, Citigroup downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and decreased their target price for the company from $10.00 to $6.00 in a research report on Monday, February 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment Price Performance

MLCO stock traded up $0.18 during mid-day trading on Friday, reaching $5.63. 2,814,970 shares of the company’s stock were exchanged, compared to its average volume of 3,379,373. Melco Resorts & Entertainment has a 12-month low of $4.78 and a 12-month high of $8.90. The stock’s 50 day moving average is $5.67 and its 200 day moving average is $6.19. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -25.59, a price-to-earnings-growth ratio of 0.63 and a beta of 1.02.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Melco Resorts & Entertainment by 17.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 447,953 shares of the company’s stock worth $2,594,000 after buying an additional 67,581 shares in the last quarter. Vident Advisory LLC acquired a new stake in Melco Resorts & Entertainment in the 4th quarter valued at about $142,000. Twinbeech Capital LP boosted its holdings in shares of Melco Resorts & Entertainment by 2,039.4% during the 4th quarter. Twinbeech Capital LP now owns 219,336 shares of the company’s stock worth $1,270,000 after purchasing an additional 209,084 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of Melco Resorts & Entertainment by 759.1% in the fourth quarter. Two Sigma Advisers LP now owns 128,000 shares of the company’s stock valued at $741,000 after purchasing an additional 113,100 shares in the last quarter. Finally, Two Sigma Investments LP grew its position in shares of Melco Resorts & Entertainment by 1,588.1% in the fourth quarter. Two Sigma Investments LP now owns 579,341 shares of the company’s stock valued at $3,354,000 after purchasing an additional 545,021 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.