Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Free Report) saw an uptick in trading volume on Wednesday . Approximately 3,303,708 shares traded hands during trading, an increase of 48% from the previous session’s volume of 2,228,740 shares.The stock last traded at $5.2550 and had previously closed at $5.26.
Analyst Ratings Changes
MLCO has been the topic of several research reports. Wall Street Zen cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. CICC Research upgraded shares of Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. Citigroup lowered their price objective on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research note on Friday. Morgan Stanley cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Finally, CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their target price for the stock from $6.10 to $6.00 in a report on Friday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.10.
Check Out Our Latest Research Report on Melco Resorts & Entertainment
Melco Resorts & Entertainment Stock Performance
Institutional Trading of Melco Resorts & Entertainment
Hedge funds and other institutional investors have recently modified their holdings of the business. FIL Ltd acquired a new position in Melco Resorts & Entertainment during the fourth quarter valued at $35,198,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of 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 valued at $84,352,000 after purchasing an additional 3,700,980 shares during the period. Coronation Fund Managers Ltd. increased its holdings in shares of Melco Resorts & Entertainment by 35.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after purchasing an additional 2,934,127 shares during the period. Balyasny Asset Management L.P. lifted its position 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 purchasing an additional 2,784,251 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Melco Resorts & Entertainment by 71,281.5% in the third quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after purchasing an additional 2,203,311 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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