Melco Resorts & Entertainment (NASDAQ:MLCO) Receives Equal Weight Rating from Morgan Stanley

Melco Resorts & Entertainment (NASDAQ:MLCO)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Morgan Stanley in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $7.50 target price on the stock, down from their previous target price of $9.60. Morgan Stanley’s price objective points to a potential upside of 16.28% from the company’s previous close.

Melco Resorts & Entertainment Stock Down 4.6 %

Shares of MLCO stock opened at $6.45 on Tuesday. The stock has a fifty day moving average of $6.73 and a 200 day moving average of $6.58. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of -29.32, a PEG ratio of 1.01 and a beta of 1.05. Melco Resorts & Entertainment has a 52 week low of $4.78 and a 52 week high of $9.56.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of MLCO. Eminence Capital LP lifted its stake in shares of Melco Resorts & Entertainment by 14.0% in the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after purchasing an additional 2,154,509 shares during the period. Coronation Fund Managers Ltd. lifted its position in Melco Resorts & Entertainment by 15.0% during the third quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after buying an additional 1,705,872 shares during the period. Solel Partners LP boosted its holdings in shares of Melco Resorts & Entertainment by 34.2% during the 2nd quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock valued at $9,907,000 after buying an additional 338,700 shares in the last quarter. Marshall Wace LLP grew its position in shares of Melco Resorts & Entertainment by 22.8% in the 2nd quarter. Marshall Wace LLP now owns 1,169,950 shares of the company’s stock worth $8,728,000 after buying an additional 217,520 shares during the period. Finally, Clearbridge Investments LLC increased its stake in shares of Melco Resorts & Entertainment by 3.9% in the 2nd quarter. Clearbridge Investments LLC now owns 668,801 shares of the company’s stock worth $4,989,000 after acquiring an additional 24,905 shares in the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

About Melco Resorts & Entertainment

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.