Melco Resorts & Entertainment Target of Unusually Large Options Trading (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of some unusual options trading on Thursday. Investors bought 10,232 call options on the company. This is an increase of approximately 1,072% compared to the average daily volume of 873 call options.

Melco Resorts & Entertainment Price Performance

MLCO stock opened at $5.53 on Friday. Melco Resorts & Entertainment has a 1 year low of $4.55 and a 1 year high of $10.15. The firm has a market capitalization of $2.25 billion, a PE ratio of 12.02 and a beta of 0.58. The business has a 50 day simple moving average of $5.89 and a 200-day simple moving average of $7.57.

Institutional Trading of Melco Resorts & Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at about $48,000. Quarry LP purchased a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at about $68,000. Hilton Head Capital Partners LLC acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $63,000. Global Retirement Partners LLC raised its stake in Melco Resorts & Entertainment by 6,805.6% during the third quarter. Global Retirement Partners LLC now owns 8,632 shares of the company’s stock worth $79,000 after purchasing an additional 8,507 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Melco Resorts & Entertainment during the second quarter worth about $71,000. 39.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MLCO shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. UBS Group raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Monday, February 16th. Wall Street Zen cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $9.06.

Melco Resorts & Entertainment Company Profile

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.