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

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw an uptick in trading volume on Thursday . 8,369,809 shares changed hands during mid-day 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.

Analysts Set New Price Targets

Several equities analysts have recently commented on MLCO shares. Citigroup upped their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Bank of America decreased their target price on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a research report on Monday, August 12th. JPMorgan Chase & Co. cut Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and cut their price target for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $8.30 to $9.60 in a research report on Monday, May 6th. Finally, Susquehanna lowered their target price on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a research report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Melco Resorts & Entertainment Stock Performance

The business’s 50 day moving average price is $6.58 and its two-hundred day moving average price is $7.29. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -12.38, a price-to-earnings-growth ratio of 0.46 and a beta of 1.04.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The business’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) earnings per share. On average, sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.25 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Eminence Capital LP lifted its holdings in Melco Resorts & Entertainment by 14.0% in 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 during the last quarter. Solel Partners LP lifted its stake in Melco Resorts & Entertainment by 34.2% during the second quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock valued at $9,907,000 after purchasing an additional 338,700 shares during the last quarter. Marshall Wace LLP boosted its holdings in Melco Resorts & Entertainment by 22.8% during the second quarter. Marshall Wace LLP now owns 1,169,950 shares of the company’s stock worth $8,728,000 after buying an additional 217,520 shares in the last quarter. Sei Investments Co. grew its position in Melco Resorts & Entertainment by 173.2% in the second quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after buying an additional 381,653 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Melco Resorts & Entertainment by 47.5% in the second quarter. Hsbc Holdings PLC now owns 52,486 shares of the company’s stock valued at $395,000 after buying an additional 16,901 shares in the last quarter. Institutional investors 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.