Melco Resorts & Entertainment Limited (MLCO) Short Interest Up 52.8% in September

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw a significant increase in short interest during the month of September. As of September 28th, there was short interest totalling 4,859,097 shares, an increase of 52.8% from the September 14th total of 3,179,812 shares. Based on an average daily volume of 4,104,905 shares, the days-to-cover ratio is presently 1.2 days.

Shares of NASDAQ:MLCO opened at $18.84 on Friday. The stock has a market capitalization of $10.46 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48. Melco Resorts & Entertainment has a 52-week low of $17.89 and a 52-week high of $32.95. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.02 and a current ratio of 1.04.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Tuesday, July 24th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.05). Melco Resorts & Entertainment had a net margin of 7.83% and a return on equity of 15.47%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the business posted $0.07 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, sell-side analysts predict that Melco Resorts & Entertainment will post 1.06 earnings per share for the current year.

Several equities research analysts have recently issued reports on the company. BidaskClub downgraded Melco Resorts & Entertainment from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Sanford C. Bernstein lowered their price target on Melco Resorts & Entertainment from $34.50 to $27.00 and set an “outperform” rating on the stock in a research report on Monday, September 17th. They noted that the move was a valuation call. UBS Group downgraded Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a research report on Wednesday, September 12th. ValuEngine downgraded Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research raised Melco Resorts & Entertainment from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.87.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. BlackRock Inc. lifted its stake in shares of Melco Resorts & Entertainment by 9.1% in the second quarter. BlackRock Inc. now owns 24,200,196 shares of the company’s stock valued at $677,605,000 after buying an additional 2,013,914 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Melco Resorts & Entertainment by 86.4% in the second quarter. Renaissance Technologies LLC now owns 2,312,600 shares of the company’s stock valued at $64,753,000 after buying an additional 1,071,800 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Melco Resorts & Entertainment in the second quarter valued at about $24,627,000. Pagoda Asset Management LP bought a new stake in shares of Melco Resorts & Entertainment in the first quarter valued at about $22,958,000. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Melco Resorts & Entertainment by 566.0% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 650,233 shares of the company’s stock valued at $18,207,000 after buying an additional 552,600 shares during the period. Institutional investors and hedge funds own 40.49% 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.

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