Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 4.9% – Should You Sell?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) traded down 4.9% during mid-day trading on Monday . The company traded as low as $5.24 and last traded at $5.25. 1,859,895 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 3,956,198 shares. The stock had previously closed at $5.52.

Analysts Set New Price Targets

Several research firms have recently commented on MLCO. Susquehanna lowered their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, February 3rd. Morgan Stanley restated an “equal weight” rating and issued a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday, December 17th. Finally, Citigroup downgraded Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and cut their price target for the stock from $10.00 to $6.00 in a research note on Monday. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $7.40.

Melco Resorts & Entertainment Trading Up 4.2 %

The stock has a fifty day moving average price of $5.89 and a 200 day moving average price of $6.14. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -25.00, a price-to-earnings-growth ratio of 0.55 and a beta of 1.04.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ARGA Investment Management LP boosted its holdings in shares of Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock worth $171,688,000 after buying an additional 456,117 shares during the period. Coronation Fund Managers Ltd. boosted its holdings in Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after acquiring an additional 1,705,872 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Melco Resorts & Entertainment during the fourth quarter valued at about $28,989,000. JPMorgan Chase & Co. grew its position in shares of Melco Resorts & Entertainment by 1,240.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock valued at $7,771,000 after purchasing an additional 1,241,986 shares during the last quarter. Finally, Trexquant Investment LP increased its stake in shares of Melco Resorts & Entertainment by 105.2% in the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company’s stock worth $6,570,000 after purchasing an additional 581,778 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

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.