Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up – Should You Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped up before the market opened on Tuesday . The stock had previously closed at $5.53, but opened at $5.79. Melco Resorts & Entertainment shares last traded at $5.6440, with a volume of 434,217 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MLCO shares. Wall Street Zen downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. JPMorgan Chase & Co. restated a “neutral” rating and set a $7.70 price target (down previously from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. Texas Capital upgraded shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research note on Friday, January 23rd. Finally, UBS Group upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price target on the stock in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Melco Resorts & Entertainment Price Performance

The stock has a market cap of $2.47 billion, a PE ratio of 12.78 and a beta of 0.63. The company’s fifty day moving average is $6.83 and its 200-day moving average is $8.19.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. Arrowstreet Capital Limited Partnership raised its holdings in Melco Resorts & Entertainment by 67.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock worth $84,352,000 after purchasing an additional 3,700,980 shares during the period. Coronation Fund Managers Ltd. raised its holdings in shares of Melco Resorts & Entertainment by 2.9% during the fourth quarter. Coronation Fund Managers Ltd. now owns 8,335,219 shares of the company’s stock valued at $63,098,000 after acquiring an additional 231,305 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Melco Resorts & Entertainment by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after acquiring an additional 846,504 shares in the last quarter. FIL Ltd acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth approximately $35,198,000. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Melco Resorts & Entertainment by 257.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock worth $29,253,000 after acquiring an additional 2,784,251 shares during the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.