Melco Resorts & Entertainment (NASDAQ:MLCO) Sees Strong Trading Volume

August 22, 2022 World Earnings & Filings Industry Updates

Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Rating) saw unusually-high trading volume on Friday . Approximately 41,761 shares traded hands during mid-day trading, a decline of 98% from the previous session’s volume of 2,489,525 shares.The stock last traded at $5.53 and had previously closed at $5.63.

Wall Street Analyst Weigh In
Several equities analysts have weighed in on MLCO shares. Citigroup dropped their target price on shares of Melco Resorts & Entertainment from $12.50 to $11.00 and set a “buy” rating for the company in a report on Tuesday, July 5th. CICC Research lowered shares of Melco Resorts & Entertainment from an “outperform” rating to a “market perform” rating in a research note on Monday, May 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Melco Resorts & Entertainment has an average rating of “Hold” and a consensus target price of $11.33.

Melco Resorts & Entertainment Stock Performance
The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of -3.06 and a beta of 1.52. The company has a debt-to-equity ratio of 10.79, a current ratio of 2.44 and a quick ratio of 2.41. The stock has a 50 day moving average price of $5.47 and a two-hundred day moving average price of $6.73.

Institutional Investors Weigh In On Melco Resorts & Entertainment
A number of hedge funds and other institutional investors have recently bought and sold shares of MLCO. Ronald Blue Trust Inc. acquired a new position in shares of Melco Resorts & Entertainment during the 2nd quarter worth $30,000. Quadrant Capital Group LLC increased its position in shares of Melco Resorts & Entertainment by 103.0% during the second quarter. Quadrant Capital Group LLC now owns 6,661 shares of the company’s stock valued at $38,000 after acquiring an additional 3,380 shares during the last quarter. Samalin Investment Counsel LLC increased its position in shares of Melco Resorts & Entertainment by 10.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 9,887 shares of the company’s stock valued at $101,000 after acquiring an additional 896 shares during the last quarter. Commonwealth Equity Services LLC purchased a new stake in Melco Resorts & Entertainment in the first quarter worth $78,000. Finally, We Are One Seven LLC bought a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth $116,000. Institutional investors and hedge funds own 46.30% of the company’s stock.