Melco Resorts & Entertainment Sees Unusually High Options Volume (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw some unusual options trading activity on Friday. Stock traders purchased 8,162 call options on the stock. This is an increase of 82% compared to the typical volume of 4,490 call options.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several large investors have recently modified their holdings of MLCO. Ridgewood Investments LLC purchased a new position in Melco Resorts & Entertainment during the second quarter valued at approximately $42,000. Blue Trust Inc. raised its position in shares of Melco Resorts & Entertainment by 243.4% in the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after acquiring an additional 5,191 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter worth $56,000. Russell Investments Group Ltd. bought a new stake in Melco Resorts & Entertainment during the first quarter valued at about $56,000. Finally, Ballentine Partners LLC purchased a new position in Melco Resorts & Entertainment in the third quarter valued at about $81,000. Institutional investors own 39.62% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Bank of America reduced their target price on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Price Performance

MLCO stock opened at $6.42 on Friday. The company has a market capitalization of $2.83 billion, a P/E ratio of -29.18, a PEG ratio of 0.90 and a beta of 1.07. The business has a 50-day moving average price of $6.92 and a 200 day moving average price of $6.72. Melco Resorts & Entertainment has a 1-year low of $4.78 and a 1-year high of $9.56.

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.