Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Large Volume Increase

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw unusually-strong trading volume on Tuesday . Approximately 3,006,117 shares traded hands during trading, a decline of 3% from the previous session’s volume of 3,113,049 shares.The stock last traded at $6.82 and had previously closed at $6.58.

Analyst Ratings Changes

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

Melco Resorts & Entertainment Price Performance

The business has a 50-day moving average price of $7.22 and a 200 day moving average price of $7.84.

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 analysts’ consensus estimates of $0.03 by $0.10. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the firm earned ($0.51) earnings per share. Melco Resorts & Entertainment’s revenue was up 224.4% on a year-over-year basis. On average, research analysts predict that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds have recently added to or reduced their stakes in the company. TORQ CAPITAL MANAGEMENT HK Ltd raised its stake in 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 valued at $16,140,000 after buying an additional 1,325,878 shares during the last quarter. Matthews International Capital Management LLC raised its stake in Melco Resorts & Entertainment by 247.0% during the 3rd 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 last quarter. Qube Research & Technologies Ltd raised its stake in Melco Resorts & Entertainment by 77.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company’s stock valued at $4,069,000 after buying an additional 179,070 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Melco Resorts & Entertainment by 2.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 116,620 shares of the company’s stock valued at $1,034,000 after buying an additional 2,700 shares during the last quarter. Finally, Barclays PLC raised its stake in Melco Resorts & Entertainment by 107.7% during the 3rd 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 last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.