Pinpoint Asset Management Ltd Has $530,000 Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Pinpoint Asset Management Ltd decreased its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 60.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,028 shares of the company’s stock after selling 104,801 shares during the quarter. Pinpoint Asset Management Ltd’s holdings in Melco Resorts & Entertainment were worth $530,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MLCO. Ridgewood Investments LLC acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter worth $42,000. Blue Trust Inc. grew its position in Melco Resorts & Entertainment by 243.4% in the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after purchasing an additional 5,191 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Melco Resorts & Entertainment during the 2nd quarter worth about $56,000. Ballentine Partners LLC acquired a new position in shares of Melco Resorts & Entertainment during the third quarter valued at about $81,000. Finally, Leo Wealth LLC bought a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at about $93,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analysts Set New Price Targets

Separately, Bank of America cut their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Melco Resorts & Entertainment Stock Down 1.2 %

NASDAQ MLCO opened at $6.48 on Wednesday. The stock has a market cap of $2.85 billion, a P/E ratio of -29.45, a PEG ratio of 0.95 and a beta of 1.05. Melco Resorts & Entertainment Limited has a twelve month low of $4.78 and a twelve month high of $9.56. The company’s 50-day simple moving average is $6.93 and its 200 day simple moving average is $6.67.

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.