Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down – Here’s Why

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares gapped down before the market opened on Tuesday . The stock had previously closed at $6.45, but opened at $6.26. Melco Resorts & Entertainment shares last traded at $6.37, with a volume of 363,365 shares.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reissued an “equal weight” rating and issued a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.40.

Melco Resorts & Entertainment Trading Down 0.2 %

The firm has a market capitalization of $2.70 billion, a P/E ratio of -28.95, a P/E/G ratio of 1.01 and a beta of 1.05. The stock’s 50-day simple moving average is $6.73 and its 200-day simple moving average is $6.58.

Institutional Trading of Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cetera Advisors LLC bought a new position in Melco Resorts & Entertainment in the 1st quarter valued at $196,000. Blue Trust Inc. increased its holdings in Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after buying an additional 5,191 shares during the last quarter. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment in the second quarter worth about $42,000. Panagora Asset Management Inc. raised its holdings in shares of Melco Resorts & Entertainment by 1,297.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 246,001 shares of the company’s stock worth $1,835,000 after purchasing an additional 228,394 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Melco Resorts & Entertainment in the second quarter valued at approximately $56,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.