Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Free Report)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $5.14 and last traded at $5.2950, with a volume of 1287780 shares. The stock had previously closed at $5.47.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the company. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday. CICC Research upgraded shares of Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. CLSA lowered shares of Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price objective on the stock. in a research note on Friday, June 5th. Finally, Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and a consensus target price of $8.47.
View Our Latest Report on MLCO
Melco Resorts & Entertainment Trading Down 5.7%
Institutional Trading of Melco Resorts & Entertainment
Several large investors have recently modified their holdings of the stock. Coronation Fund Managers Ltd. boosted its stake in Melco Resorts & Entertainment by 35.2% during the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after acquiring an additional 2,934,127 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Melco Resorts & Entertainment by 67.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock valued at $84,352,000 after purchasing an additional 3,700,980 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Melco Resorts & Entertainment by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after purchasing an additional 846,504 shares during the period. FIL Ltd acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at about $35,198,000. Finally, Renaissance Technologies LLC boosted its position in shares of Melco Resorts & Entertainment by 7.9% during the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company’s stock worth $25,342,000 after purchasing an additional 325,900 shares in 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.
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