Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped up prior to trading on Monday . The stock had previously closed at $5.56, but opened at $6.10. Melco Resorts & Entertainment shares last traded at $5.90, with a volume of 895,795 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MLCO shares. Citigroup downgraded Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and cut their price target for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Susquehanna decreased their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $7.50 to $6.70 in a research note on Monday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $7.24.

Melco Resorts & Entertainment Stock Performance

The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -25.79, a PEG ratio of 0.63 and a beta of 1.04. The business’s 50-day moving average is $5.71 and its 200-day moving average is $6.17.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. GAMMA Investing LLC raised its position in Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after purchasing an additional 4,403 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth approximately $58,000. Empirical Asset Management LLC bought a new stake in shares of Melco Resorts & Entertainment during the 4th quarter valued at $73,000. Creative Planning grew its stake in shares of Melco Resorts & Entertainment by 35.9% during the third quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after purchasing an additional 4,220 shares during the period. Finally, Vident Advisory LLC bought a new position in Melco Resorts & Entertainment during the fourth quarter worth about $142,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Company 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.