Envestnet Asset Management Inc. Purchases 119,449 Shares of Melco Resorts & Entertainment Limited $MLCO

Envestnet Asset Management Inc. raised its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 243.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,551 shares of the company’s stock after buying an additional 119,449 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Melco Resorts & Entertainment were worth $1,546,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MLCO. Arrowstreet Capital Limited Partnership raised its position in shares of Melco Resorts & Entertainment by 1,819.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock valued at $39,748,000 after buying an additional 5,211,263 shares in the last quarter. WCM Investment Management LLC bought a new stake in Melco Resorts & Entertainment during the third quarter worth about $35,665,000. Hudson Bay Capital Management LP grew its stake in Melco Resorts & Entertainment by 271.3% during the second quarter. Hudson Bay Capital Management LP now owns 1,473,502 shares of the company’s stock worth $10,653,000 after buying an additional 1,076,606 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Melco Resorts & Entertainment in the 2nd quarter valued at about $1,000,000. Finally, RBF Capital LLC raised its position in shares of Melco Resorts & Entertainment by 17.7% in the 2nd quarter. RBF Capital LLC now owns 1,000,000 shares of the company’s stock valued at $7,230,000 after buying an additional 150,603 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analyst Upgrades and Downgrades

MLCO has been the topic of several analyst reports. UBS Group upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Monday, February 16th. Texas Capital upgraded Melco Resorts & Entertainment to a “strong-buy” rating in a research note on Friday, January 23rd. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $7.70 target price (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. Finally, Wall Street Zen downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and an average target price of $8.67.

Melco Resorts & Entertainment Stock Down 0.2%

Shares of MLCO opened at $5.94 on Monday. The stock has a market cap of $2.32 billion, a PE ratio of 12.91 and a beta of 0.58. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $10.15. The business has a 50-day simple moving average of $6.54 and a two-hundred day simple moving average of $8.05.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.