Pinpoint Asset Management Ltd Boosts Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Pinpoint Asset Management Ltd raised its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 32.2% during the fourth quarter, Holdings Channel reports. The fund owned 89,961 shares of the company’s stock after buying an additional 21,933 shares during the period. Pinpoint Asset Management Ltd’s holdings in Melco Resorts & Entertainment were worth $521,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of MLCO. Arrowstreet Capital Limited Partnership purchased a new position in Melco Resorts & Entertainment in the fourth quarter valued at approximately $28,989,000. JPMorgan Chase & Co. raised its stake in shares of Melco Resorts & Entertainment by 1,240.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock valued at $7,771,000 after buying an additional 1,241,986 shares during the period. Trexquant Investment LP raised its stake in shares of Melco Resorts & Entertainment by 105.2% in the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company’s stock valued at $6,570,000 after buying an additional 581,778 shares during the period. ARGA Investment Management LP lifted its position in shares of Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after buying an additional 456,117 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Melco Resorts & Entertainment by 88.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock worth $2,963,000 after acquiring an additional 178,993 shares during the period. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Stock Down 0.2 %

MLCO stock opened at $5.32 on Friday. Melco Resorts & Entertainment Limited has a twelve month low of $4.78 and a twelve month high of $8.90. The firm has a market capitalization of $2.23 billion, a PE ratio of -24.18, a PEG ratio of 0.63 and a beta of 0.87. The stock has a 50-day simple moving average of $5.65 and a two-hundred day simple moving average of $6.19.

Wall Street Analysts Forecast Growth

MLCO has been the topic of a number of research reports. Citigroup cut Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $10.00 to $6.00 in a research note on Monday, February 10th. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $7.50 to $6.70 in a research note on Monday, March 3rd. Finally, Susquehanna reduced their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment 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.