Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Up 7.2% – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) rose 7.2% during trading on Tuesday . The company traded as high as $5.04 and last traded at $4.97. Approximately 962,546 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 3,627,090 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Susquehanna reduced 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 research report on Monday, February 3rd. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Finally, Citigroup lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $6.00 in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment Trading Up 2.1 %

The business has a 50-day moving average of $5.61 and a two-hundred day moving average of $6.18. The firm has a market cap of $1.98 billion, a P/E ratio of -21.48, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several large investors have recently added to or reduced their stakes in MLCO. GAMMA Investing LLC boosted its stake in Melco Resorts & Entertainment by 140.7% during the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after purchasing an additional 4,403 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth about $58,000. Empirical Asset Management LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter worth $73,000. Vident Advisory LLC bought a new stake in Melco Resorts & Entertainment in the 4th quarter worth $142,000. Finally, Wealthspire Advisors LLC purchased a new stake in Melco Resorts & Entertainment in the fourth quarter worth about $145,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

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.