Prelude Capital Management LLC Boosts Stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Prelude Capital Management LLC lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Rating) by 67.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,911 shares of the company’s stock after purchasing an additional 27,352 shares during the period. Prelude Capital Management LLC’s holdings in Melco Resorts & Entertainment were worth $450,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jump Financial LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter worth $345,000. Quadrant Capital Group LLC increased its stake in shares of Melco Resorts & Entertainment by 60.0% in the 3rd quarter. Quadrant Capital Group LLC now owns 10,660 shares of the company’s stock worth $71,000 after purchasing an additional 3,999 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Melco Resorts & Entertainment by 198.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 961,772 shares of the company’s stock worth $6,377,000 after buying an additional 639,338 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Melco Resorts & Entertainment by 4.9% in the 3rd quarter. Nuveen Asset Management LLC now owns 6,705,093 shares of the company’s stock worth $44,454,000 after buying an additional 311,995 shares in the last quarter. Finally, ExodusPoint Capital Management LP increased its stake in Melco Resorts & Entertainment by 249.6% in the 3rd quarter. ExodusPoint Capital Management LP now owns 256,693 shares of the company’s stock worth $1,702,000 after buying an additional 183,278 shares in the last quarter. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MLCO shares. StockNews.com upgraded Melco Resorts & Entertainment to a “sell” rating in a research note on Tuesday, March 7th. JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $7.00 to $10.00 in a research note on Monday, November 28th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.75.

Melco Resorts & Entertainment Stock Performance

MLCO opened at $12.41 on Monday. The firm has a 50-day simple moving average of $13.09 and a two-hundred day simple moving average of $9.43. Melco Resorts & Entertainment Limited has a 52 week low of $4.06 and a 52 week high of $14.24. The company has a debt-to-equity ratio of 21.09, a current ratio of 1.73 and a quick ratio of 1.71.

Melco Resorts & Entertainment (NASDAQ:MLCO – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.09. Melco Resorts & Entertainment had a negative net margin of 68.93% and a negative return on equity of 559.31%. The business had revenue of $337.09 million during the quarter, compared to the consensus estimate of $406.81 million. During the same quarter in the prior year, the firm earned ($0.32) EPS. The business’s revenue was down 29.9% on a year-over-year basis. Equities analysts predict that Melco Resorts & Entertainment Limited will post -0.09 EPS for the current year.

Melco Resorts & Entertainment 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.