Melco Resorts & Entertainment Sees Unusually High Options Volume (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of some unusual options trading activity on Monday. Stock investors bought 9,922 call options on the company. This is an increase of 165% compared to the typical daily volume of 3,751 call options.

Wall Street Analyst Weigh In

MLCO has been the topic of a number of research reports. Susquehanna lowered their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a research note on Monday. Morgan Stanley reissued an “equal weight” rating and issued a $9.60 price objective on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. Finally, StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.78.

Melco Resorts & Entertainment Trading Down 0.6 %

NASDAQ:MLCO opened at $6.54 on Wednesday. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -10.38 and a beta of 1.11. The company’s 50-day moving average is $7.22 and its two-hundred day moving average is $7.84. Melco Resorts & Entertainment has a 12-month low of $6.10 and a 12-month high of $14.00.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Thursday, February 29th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.10. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.14 billion. The company’s revenue was up 224.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.51) earnings per share. On average, equities research analysts forecast that Melco Resorts & Entertainment will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MLCO. ARGA Investment Management LP lifted its holdings in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after acquiring an additional 1,695,442 shares during the period. TORQ CAPITAL MANAGEMENT HK Ltd lifted its holdings in shares of Melco Resorts & Entertainment by 268.5% during the 4th quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock worth $16,140,000 after acquiring an additional 1,325,878 shares during the period. Brigade Capital Management LP purchased a new position in Melco Resorts & Entertainment in the fourth quarter valued at approximately $9,253,000. Barclays PLC raised its holdings in Melco Resorts & Entertainment by 107.7% in the third quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock valued at $18,940,000 after buying an additional 992,813 shares during the period. Finally, Matthews International Capital Management LLC raised its holdings in Melco Resorts & Entertainment by 247.0% in the third quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company’s stock valued at $11,809,000 after buying an additional 849,949 shares during the period. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.