Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Strong Trading Volume – Should You Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw strong trading volume on Wednesday . 5,534,763 shares were traded during mid-day trading, an increase of 149% from the previous session’s volume of 2,225,682 shares.The stock last traded at $5.9820 and had previously closed at $6.23.

Analyst Upgrades and Downgrades

Several research analysts have commented on MLCO shares. JPMorgan Chase & Co. restated a “neutral” rating and set a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. Zacks Research lowered Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.85.

Melco Resorts & Entertainment Trading Up 0.2%

The stock has a market cap of $2.67 billion, a PE ratio of 24.42 and a beta of 0.66. The business’s 50-day moving average price is $7.86 and its 200-day moving average price is $8.55.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.10. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.28 billion. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 EPS. As a group, analysts predict that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Institutional Trading of Melco Resorts & Entertainment

A number of institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment during the 2nd quarter worth approximately $38,000. Solstein Capital LLC grew its holdings 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 buying an additional 4,000 shares during the last quarter. Quarry LP acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $68,000. Northwestern Mutual Wealth Management Co. purchased a new position in Melco Resorts & Entertainment in the 2nd quarter worth $71,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Melco Resorts & Entertainment during the 2nd quarter worth about $75,000. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.