Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Down 3.1% – Time to Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares fell 3.1% during mid-day trading on Thursday . The company traded as low as $5.60 and last traded at $5.61. 480,691 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 3,360,736 shares. The stock had previously closed at $5.79.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reaffirmed an “equal weight” rating and set a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $9.40.

Melco Resorts & Entertainment Stock Up 1.4 %

The stock has a fifty day simple moving average of $6.35 and a 200-day simple moving average of $6.39. The company has a market capitalization of $2.35 billion, a P/E ratio of -25.45, a PEG ratio of 0.98 and a beta of 1.05.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Melco Resorts & Entertainment by 140.7% during the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Melco Resorts & Entertainment during the second quarter worth $56,000. Ballentine Partners LLC bought a new stake in Melco Resorts & Entertainment during the 3rd quarter worth about $81,000. Leo Wealth LLC acquired a new position in shares of Melco Resorts & Entertainment during the third quarter worth approximately $93,000. Finally, Creative Planning lifted its position 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 in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.