Ridgewood Investments LLC Takes $42,000 Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Ridgewood Investments LLC purchased a new position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,633 shares of the company’s stock, valued at approximately $42,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MLCO. Quadrant Capital Group LLC grew its position in Melco Resorts & Entertainment by 15.4% during the 4th quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock worth $92,000 after acquiring an additional 1,386 shares during the last quarter. Bleakley Financial Group LLC lifted its position in Melco Resorts & Entertainment by 1.1% during the 1st quarter. Bleakley Financial Group LLC now owns 264,989 shares of the company’s stock valued at $1,911,000 after purchasing an additional 2,961 shares during the period. GAMMA Investing LLC bought a new position in shares of Melco Resorts & Entertainment in the 4th quarter valued at about $37,000. Arbor Capital Management Inc. ADV raised its stake in shares of Melco Resorts & Entertainment by 4.4% during the fourth quarter. Arbor Capital Management Inc. ADV now owns 115,705 shares of the company’s stock worth $1,062,000 after buying an additional 4,898 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Melco Resorts & Entertainment by 243.4% in the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after buying an additional 5,191 shares during the period. 39.62% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MLCO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $8.30 to $9.60 in a report on Monday, May 6th. Finally, Bank of America dropped their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research report on Monday, August 12th. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Trading Down 0.8 %

Shares of NASDAQ MLCO traded down $0.04 during midday trading on Friday, reaching $5.05. The company’s stock had a trading volume of 536,347 shares, compared to its average volume of 3,312,982. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.78 and a fifty-two week high of $11.43. The stock has a 50 day simple moving average of $6.15 and a 200-day simple moving average of $7.11. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -12.07, a PEG ratio of 0.46 and a beta of 1.04.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). The business had revenue of $1.16 billion for 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 company’s quarterly revenue was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) earnings per share. As a group, equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.25 EPS for the current year.

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.