Investors Buy Large Volume of Put Options on Melco Resorts & Entertainment (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw unusually large options trading on Tuesday. Stock traders bought 25,071 put options on the stock. This represents an increase of 398% compared to the average daily volume of 5,032 put options.

Melco Resorts & Entertainment Trading Down 2.8 %

NASDAQ MLCO traded down $0.16 on Tuesday, hitting $5.47. 4,372,360 shares of the company’s stock traded hands, compared to its average volume of 3,883,616. The firm’s 50-day moving average price is $6.00 and its two-hundred day moving average price is $6.16. The firm has a market capitalization of $2.29 billion, a PE ratio of -24.84, a P/E/G ratio of 0.61 and a beta of 1.04. Melco Resorts & Entertainment has a 1-year low of $4.78 and a 1-year high of $9.39.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Melco Resorts & Entertainment by 140.7% in the fourth 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 in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth about $58,000. Ballentine Partners LLC acquired a new position in Melco Resorts & Entertainment in the 3rd quarter valued at $81,000. Leo Wealth LLC purchased a new position in shares of Melco Resorts & Entertainment during the 3rd quarter worth approximately $93,000. Finally, Empirical Asset Management LLC acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at about $73,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Analyst Upgrades and Downgrades

MLCO has been the subject of several analyst reports. Morgan Stanley reissued an “equal weight” rating and issued a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Susquehanna dropped their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $9.00.

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.