Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 8.9% – Time to Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) dropped 8.9% during trading on Thursday . The company traded as low as $5.58 and last traded at $5.6120. Approximately 1,342,588 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 2,402,937 shares. The stock had previously closed at $6.16.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Zacks Research cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.70 price objective (down previously from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. Texas Capital upgraded Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.85.

Melco Resorts & Entertainment Stock Performance

The firm has a market capitalization of $2.26 billion, a PE ratio of 20.73 and a beta of 0.63. The stock has a fifty day moving average price of $7.15 and a 200-day moving average price of $8.30.

Institutional Trading of Melco Resorts & Entertainment

Institutional investors have recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment during the second quarter valued at approximately $38,000. Hilton Head Capital Partners LLC acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth $63,000. Solstein Capital LLC raised its stake in Melco Resorts & Entertainment by 74.9% in 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 purchased a new stake in shares of Melco Resorts & Entertainment during the third quarter worth about $68,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Melco Resorts & Entertainment during the second quarter valued at about $71,000. 39.62% of the stock is currently owned by institutional investors.

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.