Envestnet Asset Management Inc. Raises Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Envestnet Asset Management Inc. grew its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCOGet Rating) by 14.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 174,713 shares of the company’s stock after buying an additional 22,712 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Melco Resorts & Entertainment were worth $1,005,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Pinnacle Wealth Planning Services Inc. lifted its stake in Melco Resorts & Entertainment by 59.0% during the second quarter. Pinnacle Wealth Planning Services Inc. now owns 16,010 shares of the company’s stock worth $92,000 after purchasing an additional 5,941 shares during the last quarter. ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment by 21.9% during the 2nd quarter. ARGA Investment Management LP now owns 25,974,112 shares of the company’s stock worth $149,351,000 after acquiring an additional 4,669,521 shares in the last quarter. US Bancorp DE lifted its position in Melco Resorts & Entertainment by 40.4% in the second quarter. US Bancorp DE now owns 23,645 shares of the company’s stock valued at $136,000 after acquiring an additional 6,805 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Melco Resorts & Entertainment during the second quarter worth about $216,000. Finally, McDonald Partners LLC increased its position in shares of Melco Resorts & Entertainment by 14.2% during the second quarter. McDonald Partners LLC now owns 79,010 shares of the company’s stock worth $454,000 after purchasing an additional 9,830 shares in the last quarter. 35.87% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $6.75 on Friday. Melco Resorts & Entertainment Limited has a 52 week low of $4.06 and a 52 week high of $11.81. The company has a 50-day moving average price of $6.45 and a 200 day moving average price of $5.78. The company has a market cap of $3.00 billion, a P/E ratio of -3.77 and a beta of 1.14. The company has a quick ratio of 2.31, a current ratio of 2.34 and a debt-to-equity ratio of 21.09.

Melco Resorts & Entertainment (NASDAQ:MLCOGet Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.04. Melco Resorts & Entertainment had a negative return on equity of 182.94% and a negative net margin of 56.15%. The firm had revenue of $241.84 million for the quarter, compared to the consensus estimate of $305.79 million. Research analysts predict that Melco Resorts & Entertainment Limited will post -2.07 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. StockNews.com upgraded Melco Resorts & Entertainment to a “sell” rating in a research note on Thursday, October 27th. Credit Suisse Group downgraded shares of Melco Resorts & Entertainment from an “outperform” rating to a “neutral” rating in a research report on Monday, October 17th. Finally, Citigroup upped their target price on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a report on Monday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.25.

Melco Resorts & Entertainment Company Profile

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Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.

Further Reading

Institutional Ownership by Quarter for Melco Resorts & Entertainment (NASDAQ:MLCO)

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