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

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares gapped down prior to trading 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 traded.

Wall Street Analyst Weigh In

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

Melco Resorts & Entertainment Stock Down 2.5 %

The stock has a market cap of $2.59 billion, a P/E ratio of -28.09, a PEG ratio of 1.01 and a beta of 1.05. The business has a 50 day moving average price of $6.66 and a 200 day moving average price of $6.56.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in shares of Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after purchasing an additional 5,191 shares in the last quarter. Ridgewood Investments LLC purchased a new position in Melco Resorts & Entertainment in the second quarter valued at about $42,000. Panagora Asset Management Inc. raised its holdings in Melco Resorts & Entertainment by 1,297.2% in the second 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 in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Melco Resorts & Entertainment during the second quarter valued at about $56,000. Finally, Hsbc Holdings PLC boosted its holdings in shares of Melco Resorts & Entertainment by 47.5% in the 2nd quarter. Hsbc Holdings PLC now owns 52,486 shares of the company’s stock valued at $395,000 after buying an additional 16,901 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

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.