Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 4.4%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) fell 4.4% on Friday . The company traded as low as $6.94 and last traded at $6.99. 559,411 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 3,100,525 shares. The stock had previously closed at $7.31.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MLCO shares. StockNews.com lowered Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, September 30th. Macquarie assumed coverage on Melco Resorts & Entertainment in a report on Tuesday, July 18th. They set an “outperform” rating and a $16.30 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and an average target price of $14.83.

Melco Resorts & Entertainment Stock Down 2.2 %

The company has a fifty day moving average of $9.12 and a two-hundred day moving average of $11.11. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -8.51 and a beta of 1.23.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company posted ($0.52) EPS. The firm’s quarterly revenue was up 320.7% on a year-over-year basis. Equities analysts anticipate that Melco Resorts & Entertainment Limited will post -0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MLCO. Raymond James & Associates increased its position in Melco Resorts & Entertainment by 87.1% during the 1st quarter. Raymond James & Associates now owns 42,281 shares of the company’s stock worth $323,000 after purchasing an additional 19,681 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Melco Resorts & Entertainment by 62.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 67,129 shares of the company’s stock worth $513,000 after purchasing an additional 25,852 shares in the last quarter. Bank of New York Mellon Corp increased its position in Melco Resorts & Entertainment by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 383,543 shares of the company’s stock worth $2,931,000 after purchasing an additional 6,645 shares in the last quarter. Great West Life Assurance Co. Can increased its position in Melco Resorts & Entertainment by 1.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 174,880 shares of the company’s stock worth $1,408,000 after purchasing an additional 2,344 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in Melco Resorts & Entertainment by 34.9% during the 1st quarter. Vontobel Holding Ltd. now owns 72,302 shares of the company’s stock worth $552,000 after purchasing an additional 18,696 shares in the last quarter. Hedge funds and other institutional investors own 39.82% of the company’s stock.

About Melco Resorts & Entertainment

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.