Melco Resorts & Entertainment (NASDAQ:MLCO) Reaches New 52-Week Low – Should You Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) reached a new 52-week low on Thursday . The company traded as low as $5.14 and last traded at $5.2950, with a volume of 1287780 shares. The stock had previously closed at $5.47.

Analyst Ratings Changes

A number of equities analysts have issued reports on MLCO shares. CLSA downgraded Melco Resorts & Entertainment from an “outperform” rating to a “hold” rating and set a $6.10 price target on the stock. in a research report on Friday, June 5th. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday. Wall Street Zen raised Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. Finally, CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.47.

Melco Resorts & Entertainment Price Performance

The business’s 50 day moving average price is $5.57 and its 200 day moving average price is $6.11. The firm has a market cap of $2.09 billion, a PE ratio of 9.27, a PEG ratio of 3.23 and a beta of 0.58.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in MLCO. Royal Bank of Canada increased its position in shares of Melco Resorts & Entertainment by 11.1% during the first quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock worth $949,000 after purchasing an additional 18,010 shares in the last quarter. Millennium Management LLC lifted its holdings in Melco Resorts & Entertainment by 69.3% in the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock valued at $10,097,000 after purchasing an additional 784,403 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after purchasing an additional 846,504 shares during the last quarter. Geode Capital Management LLC boosted its stake in Melco Resorts & Entertainment by 5.8% during the 2nd quarter. Geode Capital Management LLC now owns 369,491 shares of the company’s stock worth $2,669,000 after purchasing an additional 20,165 shares during the last quarter. Finally, Creative Planning grew its holdings in shares of Melco Resorts & Entertainment by 67.4% during the second quarter. Creative Planning now owns 17,981 shares of the company’s stock worth $130,000 after buying an additional 7,239 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.