Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Large Volume Increase – Still a Buy?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares saw unusually-strong trading volume on Wednesday . Approximately 8,476,339 shares traded hands during trading, an increase of 298% from the previous session’s volume of 2,131,709 shares.The stock last traded at $5.54 and had previously closed at $5.53.

Wall Street Analyst Weigh In

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

Melco Resorts & Entertainment Stock Performance

The company’s 50-day simple moving average is $6.18 and its 200 day simple moving average is $6.27. The company has a market cap of $2.32 billion, a PE ratio of -25.09, a PEG ratio of 0.98 and a beta of 1.05.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. 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 valued at $44,000 after purchasing an additional 4,403 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Melco Resorts & Entertainment in the second quarter valued at approximately $56,000. Ballentine Partners LLC acquired a new stake in Melco Resorts & Entertainment in the third quarter valued at approximately $81,000. Leo Wealth LLC purchased a new position in Melco Resorts & Entertainment in the third quarter worth approximately $93,000. Finally, Empirical Asset Management LLC acquired a new position in Melco Resorts & Entertainment during the 4th quarter worth approximately $73,000. 39.62% of the stock is 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.