Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down – Here’s What Happened

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price gapped down prior to trading on Monday . The stock had previously closed at $5.10, but opened at $4.97. Melco Resorts & Entertainment shares last traded at $5.14, with a volume of 546,831 shares changing hands.

Analyst Ratings Changes

Several research firms have recently weighed in on MLCO. Susquehanna decreased their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. Citigroup upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 target price on the stock in a research note on Thursday, April 10th. Finally, Morgan Stanley upgraded Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $7.50 to $6.70 in a report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.29.

Melco Resorts & Entertainment Trading Up 2.8 %

The business’s 50-day simple moving average is $5.33 and its 200 day simple moving average is $5.90. The firm has a market cap of $2.23 billion, a PE ratio of -23.84, a P/E/G ratio of 0.63 and a beta of 0.87.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds have recently bought and sold shares of MLCO. Arrowstreet Capital Limited Partnership purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth approximately $28,989,000. Eminence Capital LP boosted its position in shares of Melco Resorts & Entertainment by 22.1% in the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company’s stock worth $44,791,000 after purchasing an additional 1,402,619 shares in the last quarter. BNP Paribas Financial Markets increased its position in Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company’s stock valued at $11,633,000 after buying an additional 1,353,617 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Melco Resorts & Entertainment by 1,240.2% in the 4th quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock worth $7,771,000 after purchasing an additional 1,241,986 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Melco Resorts & Entertainment by 92.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock valued at $13,886,000 after acquiring an additional 1,150,500 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

About Melco Resorts & Entertainment

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.