Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Up – Should You Buy?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped up before the market opened on Monday . The stock had previously closed at $5.56, but opened at $6.10. Melco Resorts & Entertainment shares last traded at $5.90, with a volume of 895,795 shares changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $7.50 to $6.70 in a research report on Monday. Citigroup downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $6.00 in a report on Monday, February 10th. Finally, Susquehanna decreased their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $7.24.

Melco Resorts & Entertainment Stock Performance

The company has a market capitalization of $2.49 billion, a P/E ratio of -27.00, a P/E/G ratio of 0.63 and a beta of 1.02. The firm’s fifty day moving average is $5.69 and its 200 day moving average is $6.18.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Melco Resorts & Entertainment by 17.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 447,953 shares of the company’s stock valued at $2,594,000 after acquiring an additional 67,581 shares during the last quarter. Vident Advisory LLC bought a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth about $142,000. Twinbeech Capital LP increased its stake in Melco Resorts & Entertainment by 2,039.4% in the 4th quarter. Twinbeech Capital LP now owns 219,336 shares of the company’s stock worth $1,270,000 after buying an additional 209,084 shares during the period. Two Sigma Advisers LP increased its stake in Melco Resorts & Entertainment by 759.1% in the 4th quarter. Two Sigma Advisers LP now owns 128,000 shares of the company’s stock worth $741,000 after buying an additional 113,100 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in Melco Resorts & Entertainment by 1,588.1% during the 4th quarter. Two Sigma Investments LP now owns 579,341 shares of the company’s stock valued at $3,354,000 after buying an additional 545,021 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.