Melco Resorts & Entertainment Sees Unusually High Options Volume (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw unusually large options trading activity on Wednesday. Investors acquired 5,015 put options on the company. This is an increase of 343% compared to the average volume of 1,133 put options.

Melco Resorts & Entertainment Stock Down 8.8%

Shares of NASDAQ:MLCO traded down $0.60 during midday trading on Friday, reaching $6.14. The company had a trading volume of 1,974,675 shares, compared to its average volume of 1,593,032. Melco Resorts & Entertainment has a 1-year low of $4.55 and a 1-year high of $10.15. The stock has a market cap of $2.57 billion, a PE ratio of 23.60 and a beta of 0.66. The business’s 50 day moving average price is $8.19 and its 200 day moving average price is $8.63.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.10. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the company earned $0.06 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. On average, research analysts expect that Melco Resorts & Entertainment will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLCO. SG Americas Securities LLC grew its position in shares of Melco Resorts & Entertainment by 45.3% in the 4th quarter. SG Americas Securities LLC now owns 158,491 shares of the company’s stock valued at $1,200,000 after acquiring an additional 49,400 shares during the period. Tudor Investment Corp ET AL acquired a new stake in Melco Resorts & Entertainment in the 3rd quarter valued at about $113,000. CANADA LIFE ASSURANCE Co grew its holdings in Melco Resorts & Entertainment by 15.1% during the third quarter. CANADA LIFE ASSURANCE Co now owns 23,260 shares of the company’s stock worth $228,000 after purchasing an additional 3,060 shares during the period. Caxton Associates LLP acquired a new position in Melco Resorts & Entertainment during the third quarter worth approximately $3,677,000. Finally, PharVision Advisers LLC bought a new stake in Melco Resorts & Entertainment in the third quarter valued at approximately $406,000. 39.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.