Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Short Interest Update

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 9,220,000 shares, a decrease of 15.2% from the May 31st total of 10,870,000 shares. Approximately 2.1% of the shares of the stock are sold short. Based on an average daily volume of 3,250,000 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC acquired a new stake in Melco Resorts & Entertainment during the 4th quarter valued at approximately $37,000. Russell Investments Group Ltd. acquired a new stake in Melco Resorts & Entertainment during the 1st quarter valued at approximately $56,000. Pitcairn Co. acquired a new stake in Melco Resorts & Entertainment during the 1st quarter valued at approximately $80,000. FNY Investment Advisers LLC acquired a new stake in Melco Resorts & Entertainment during the 4th quarter valued at approximately $88,000. Finally, Greenleaf Trust acquired a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth approximately $92,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MLCO shares. Citigroup upped their price objective on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Bank of America raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $7.50 to $10.40 in a research report on Wednesday, May 29th. Susquehanna cut their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research report on Monday, April 29th. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $8.30 to $9.60 in a research report on Monday, May 6th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Melco Resorts & Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $12.26.

Melco Resorts & Entertainment Stock Down 0.5 %

Shares of MLCO stock traded down $0.03 on Tuesday, reaching $6.99. The company had a trading volume of 1,329,260 shares, compared to its average volume of 3,175,581. Melco Resorts & Entertainment has a one year low of $6.10 and a one year high of $13.91. The business’s 50-day moving average is $7.74 and its 200 day moving average is $7.87.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. The firm’s revenue was up 55.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Melco Resorts & Entertainment will post 0.3 EPS for the current fiscal year.

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.