BNP Paribas Financial Markets Acquires 238,884 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

BNP Paribas Financial Markets boosted its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 57.3% in the third quarter, Holdings Channel.com reports. The fund owned 655,572 shares of the company’s stock after buying an additional 238,884 shares during the quarter. BNP Paribas Financial Markets’ holdings in Melco Resorts & Entertainment were worth $5,107,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Quantbot Technologies LP acquired a new stake in shares of Melco Resorts & Entertainment during the third quarter worth $207,000. Charles Schwab Investment Management Inc. boosted its holdings in Melco Resorts & Entertainment by 124.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock worth $1,869,000 after buying an additional 133,086 shares during the last quarter. Thrivent Financial for Lutherans bought a new position in Melco Resorts & Entertainment during the third quarter worth about $720,000. Coronation Fund Managers Ltd. grew its position in shares of Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock worth $101,835,000 after buying an additional 1,705,872 shares during the period. Finally, Ballentine Partners LLC bought a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $81,000. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock opened at $6.48 on Wednesday. The company has a market capitalization of $2.85 billion, a P/E ratio of -29.45, a price-to-earnings-growth ratio of 0.95 and a beta of 1.05. The business has a 50-day moving average of $6.93 and a two-hundred day moving average of $6.69. Melco Resorts & Entertainment Limited has a 1 year low of $4.78 and a 1 year high of $9.56.

Analyst Upgrades and Downgrades

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

Melco Resorts & Entertainment Profile

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.