Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Sees Significant Increase in Short Interest

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 9,390,000 shares, a growth of 61.6% from the February 13th total of 5,810,000 shares. Based on an average daily trading volume, of 3,900,000 shares, the short-interest ratio is presently 2.4 days. Currently, 2.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in MLCO. The Manufacturers Life Insurance Company lifted its stake in Melco Resorts & Entertainment by 8.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company’s stock worth $291,000 after purchasing an additional 3,873 shares during the last quarter. GAMMA Investing LLC increased its position 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 purchasing an additional 4,403 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Melco Resorts & Entertainment by 12.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock valued at $437,000 after purchasing an additional 6,148 shares during the period. Samalin Investment Counsel LLC increased its position in Melco Resorts & Entertainment by 11.6% during the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock worth $557,000 after buying an additional 10,000 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC purchased a new position in Melco Resorts & Entertainment during the 4th quarter worth $58,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ:MLCO traded up $0.18 during trading on Friday, hitting $5.63. The company’s stock had a trading volume of 2,814,970 shares, compared to its average volume of 3,379,373. Melco Resorts & Entertainment has a fifty-two week low of $4.78 and a fifty-two week high of $8.90. The business has a 50 day moving average price of $5.67 and a two-hundred day moving average price of $6.19. The company has a market capitalization of $2.36 billion, a PE ratio of -25.59, a P/E/G ratio of 0.63 and a beta of 1.02.

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.