Alliancebernstein L.P. Sells 2,350 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Alliancebernstein L.P. lessened its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 10.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,707 shares of the company’s stock after selling 2,350 shares during the period. Alliancebernstein L.P.’s holdings in Melco Resorts & Entertainment were worth $120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in MLCO. GAMMA Investing LLC grew its position in shares of Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in Melco Resorts & Entertainment in the fourth quarter valued at approximately $58,000. Empirical Asset Management LLC purchased a new position in Melco Resorts & Entertainment in the fourth quarter worth $73,000. Wealthspire Advisors LLC acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth $145,000. Finally, Virtu Financial LLC purchased a new stake in shares of Melco Resorts & Entertainment during the 4th quarter valued at $167,000. 39.62% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock opened at $4.82 on Wednesday. The business has a fifty day moving average of $5.41 and a 200 day moving average of $5.98. Melco Resorts & Entertainment Limited has a 1 year low of $4.55 and a 1 year high of $8.90. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -21.91, a price-to-earnings-growth ratio of 0.63 and a beta of 0.87.

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.