Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 4.1% – Time to Sell?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) were down 4.1% during mid-day trading on Friday . The stock traded as low as $6.02 and last traded at $6.01. Approximately 254,035 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 3,746,906 shares. The stock had previously closed at $6.26.

Analysts Set New Price Targets

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

Melco Resorts & Entertainment Trading Down 4.9 %

The firm has a fifty day moving average price of $6.01 and a 200 day moving average price of $6.17. The firm has a market cap of $2.50 billion, a PE ratio of -27.02, a price-to-earnings-growth ratio of 0.61 and a beta of 1.05.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Melco Resorts & Entertainment by 140.7% during the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after buying an additional 4,403 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth $58,000. Empirical Asset Management LLC purchased a new stake in Melco Resorts & Entertainment in the fourth quarter valued at $73,000. Ballentine Partners LLC acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at $81,000. Finally, Leo Wealth LLC purchased a new position in shares of Melco Resorts & Entertainment during the 3rd quarter worth $93,000. 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.