Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Sees Significant Decrease in Short Interest

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 8,790,000 shares, a decrease of 14.5% from the March 15th total of 10,280,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average trading volume of 4,250,000 shares, the short-interest ratio is presently 2.1 days.

Analysts Set New Price Targets

Several brokerages recently commented on MLCO. Citigroup raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 target price on the stock in a report on Thursday, April 10th. Susquehanna cut their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Finally, Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $7.29.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Melco Resorts & Entertainment by 140.7% during the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after purchasing an additional 4,403 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth $58,000. Empirical Asset Management LLC purchased a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $73,000. Vident Advisory LLC acquired a new position in Melco Resorts & Entertainment during the fourth quarter valued at $142,000. Finally, Wealthspire Advisors LLC purchased a new stake in Melco Resorts & Entertainment in the 4th quarter worth about $145,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Up 2.0 %

NASDAQ:MLCO opened at $4.84 on Monday. The stock has a fifty day simple moving average of $5.44 and a 200 day simple moving average of $6.01. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -21.98, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87. Melco Resorts & Entertainment has a 1-year low of $4.55 and a 1-year high of $8.90.

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.