Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up – Here’s Why

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped up prior to trading on Tuesday . The stock had previously closed at $5.53, but opened at $5.79. Melco Resorts & Entertainment shares last traded at $5.6440, with a volume of 434,217 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wall Street Zen cut Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. UBS Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 target price on the stock in a research report on Monday. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.70 price objective (down previously from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Melco Resorts & Entertainment Price Performance

The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 12.34 and a beta of 0.63. The business has a fifty day moving average of $6.95 and a 200 day moving average of $8.23.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position in shares of Melco Resorts & Entertainment by 8.3% during the 2nd quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock valued at $123,000 after acquiring an additional 1,295 shares during the last quarter. Orion Porfolio Solutions LLC lifted its stake in Melco Resorts & Entertainment by 15.5% in the second quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock valued at $98,000 after buying an additional 1,819 shares in the last quarter. Fox Run Management L.L.C. lifted its holdings in shares of Melco Resorts & Entertainment by 5.1% in the fourth quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock valued at $350,000 after purchasing an additional 2,256 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Melco Resorts & Entertainment by 0.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock worth $2,380,000 after acquiring an additional 2,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Melco Resorts & Entertainment by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock worth $525,000 after buying an additional 2,444 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

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.