Melco Resorts & Entertainment Limited $MLCO Shares Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 7.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 4,461,600 shares of the company’s stock after purchasing an additional 325,900 shares during the period. Renaissance Technologies LLC’s holdings in Melco Resorts & Entertainment were worth $25,342,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Coronation Fund Managers Ltd. boosted its holdings in Melco Resorts & Entertainment by 35.2% in the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after acquiring an additional 2,934,127 shares in the last quarter. Capula Management Ltd acquired a new position in shares of Melco Resorts & Entertainment during the first quarter valued at about $1,326,000. SG Americas Securities LLC increased its holdings in shares of Melco Resorts & Entertainment by 190.9% during the first quarter. SG Americas Securities LLC now owns 461,100 shares of the company’s stock valued at $2,619,000 after acquiring an additional 302,609 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of Melco Resorts & Entertainment by 29.8% in the 1st quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company’s stock valued at $2,621,000 after purchasing an additional 105,887 shares during the last quarter. Finally, Clough Capital Partners L P raised its position in shares of Melco Resorts & Entertainment by 17.6% in the 4th quarter. Clough Capital Partners L P now owns 1,120,920 shares of the company’s stock valued at $8,485,000 after purchasing an additional 167,890 shares during the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

MLCO stock opened at $5.69 on Thursday. The company has a market capitalization of $2.21 billion, a P/E ratio of 9.81, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59. Melco Resorts & Entertainment Limited has a 12 month low of $5.07 and a 12 month high of $10.15. The firm’s fifty day simple moving average is $5.48 and its 200-day simple moving average is $5.70.

Analysts Set New Price Targets

Several research firms have weighed in on MLCO. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their target price for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Citigroup dropped their price objective on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a report on Friday, July 10th. JPMorgan Chase & Co. cut their target price on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Finally, Morgan Stanley lowered Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.32.

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.