Pinpoint Asset Management Singapore Pte. Ltd. Takes Position in Melco Resorts & Entertainment Limited $MLCO

Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 465,704 shares of the company’s stock, valued at approximately $3,367,000. Melco Resorts & Entertainment comprises approximately 0.6% of Pinpoint Asset Management Singapore Pte. Ltd.’s holdings, making the stock its 25th biggest position. Pinpoint Asset Management Singapore Pte. Ltd. owned 0.11% of Melco Resorts & Entertainment at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Melco Resorts & Entertainment in the first quarter worth about $34,000. FNY Investment Advisers LLC acquired a new position in Melco Resorts & Entertainment in the 2nd quarter worth about $38,000. Aigen Investment Management LP bought a new position in Melco Resorts & Entertainment in the first quarter valued at about $59,000. Solstein Capital LLC boosted its stake in shares of Melco Resorts & Entertainment by 74.9% during the second quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Melco Resorts & Entertainment during the second quarter valued at about $75,000. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $8.93 on Wednesday. Melco Resorts & Entertainment Limited has a 52 week low of $4.55 and a 52 week high of $10.15. The firm’s fifty day moving average is $8.67 and its 200-day moving average is $8.25. The firm has a market cap of $3.75 billion, a P/E ratio of 68.70 and a beta of 0.70.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.10. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the business earned $0.06 earnings per share. Melco Resorts & Entertainment’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MLCO shares. Zacks Research lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. JPMorgan Chase & Co. lifted their price target on shares of Melco Resorts & Entertainment from $10.50 to $11.00 and gave the stock an “overweight” rating in a report on Monday, November 10th. Citigroup boosted their price objective on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research report on Wednesday, September 3rd. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.40.

Melco Resorts & Entertainment 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.