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

Melco Resorts & Entertainment Limited (NASDAQ:MLCOGet Free Report) was the recipient of some unusual options trading on Tuesday. Traders bought 25,071 put options on the stock. This is an increase of 398% compared to the average daily volume of 5,032 put options.

Analysts Set New Price Targets

Several research firms recently issued reports on MLCO. Morgan Stanley reissued an “equal weight” rating and set a $7.50 price target (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Susquehanna cut their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Get Our Latest Stock Analysis on Melco Resorts & Entertainment

Melco Resorts & Entertainment Trading Down 4.6 %

Shares of Melco Resorts & Entertainment stock opened at $5.36 on Wednesday. Melco Resorts & Entertainment has a 12-month low of $4.78 and a 12-month high of $9.39. The stock has a market cap of $2.25 billion, a PE ratio of -24.36, a price-to-earnings-growth ratio of 0.61 and a beta of 1.04. The company has a 50-day moving average of $5.99 and a two-hundred day moving average of $6.16.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently modified their holdings of the business. Coronation Fund Managers Ltd. increased its stake in Melco Resorts & Entertainment by 15.0% in the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after purchasing an additional 1,705,872 shares during the last quarter. ARGA Investment Management LP increased its holdings in Melco Resorts & Entertainment by 1.6% in the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after purchasing an additional 456,117 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Melco Resorts & Entertainment by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock valued at $5,107,000 after buying an additional 238,884 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Melco Resorts & Entertainment by 88.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock valued at $2,963,000 after purchasing an additional 178,993 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of 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 valued at $1,869,000 after acquiring an additional 133,086 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

(Get Free Report)

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.

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