Short Interest in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Declines By 12.6%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw a significant decrease in short interest in January. As of January 30th, there was short interest totaling 6,083,913 shares, a decrease of 12.6% from the January 15th total of 6,958,279 shares. Based on an average daily volume of 3,352,062 shares, the short-interest ratio is currently 1.8 days. Approximately 3.4% of the shares of the stock are short sold. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily volume of 3,352,062 shares, the short-interest ratio is currently 1.8 days.

Analysts Set New Price Targets

Several research firms have issued reports on MLCO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Thursday, January 22nd. Wall Street Zen lowered Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Texas Capital upgraded shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research report on Friday, January 23rd. UBS Group raised shares of Melco Resorts & Entertainment to a “buy” rating and set a $9.50 target price on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. One 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $8.67.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $5.53 on Tuesday. Melco Resorts & Entertainment has a 52-week low of $4.55 and a 52-week high of $10.15. The business has a 50 day simple moving average of $6.95 and a 200 day simple moving average of $8.23. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 12.02 and a beta of 0.63.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of large investors have recently modified their holdings of the business. Royal Bank of Canada raised its stake in shares of Melco Resorts & Entertainment by 11.1% during the 1st quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock worth $949,000 after purchasing an additional 18,010 shares in the last quarter. Millennium Management LLC increased its stake in shares of Melco Resorts & Entertainment by 69.3% during the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock worth $10,097,000 after purchasing an additional 784,403 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Melco Resorts & Entertainment by 16.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after purchasing an additional 846,504 shares during the period. FNY Investment Advisers LLC acquired a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at about $38,000. Finally, Bleakley Financial Group LLC grew its holdings in Melco Resorts & Entertainment by 53.8% during the second quarter. Bleakley Financial Group LLC now owns 193,422 shares of the company’s stock worth $1,398,000 after purchasing an additional 67,686 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.