Short Interest in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Declines By 38.1%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 5,160,000 shares, a drop of 38.1% from the January 15th total of 8,340,000 shares. Based on an average daily volume of 3,770,000 shares, the days-to-cover ratio is currently 1.4 days. Approximately 1.2% of the shares of the company are short sold.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in Melco Resorts & Entertainment by 140.7% during the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at about $58,000. Empirical Asset Management LLC acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $73,000. Ballentine Partners LLC purchased a new position in Melco Resorts & Entertainment during the third quarter worth about $81,000. Finally, Leo Wealth LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at approximately $93,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Up 4.2 %

NASDAQ MLCO opened at $5.50 on Thursday. The stock has a 50-day moving average of $5.87 and a 200 day moving average of $6.13. Melco Resorts & Entertainment has a twelve month low of $4.78 and a twelve month high of $9.39.

Analysts Set New Price Targets

MLCO has been the subject of a number of recent analyst reports. Susquehanna lowered their target price 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. Morgan Stanley reissued an “equal weight” rating and issued a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Finally, Citigroup lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $6.00 in a research note on Monday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.40.

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.