Melco Resorts & Entertainment (NASDAQ:MLCO) Sets New 52-Week Low – Time to Sell?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) hit a new 52-week low during trading on Friday . The stock traded as low as $4.74 and last traded at $4.84, with a volume of 7427206 shares changing hands. The stock had previously closed at $5.32.

Analyst Ratings Changes

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

Melco Resorts & Entertainment Price Performance

The stock’s 50 day simple moving average is $5.65 and its two-hundred day simple moving average is $6.19. The stock has a market capitalization of $2.01 billion, a PE ratio of -21.82, a PEG ratio of 0.63 and a beta of 0.87.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the company. ARGA Investment Management LP lifted its position in shares of Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after buying an additional 456,117 shares during the last quarter. Eminence Capital LP raised its stake in Melco Resorts & Entertainment by 22.1% in the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company’s stock valued at $44,791,000 after acquiring an additional 1,402,619 shares during the period. Nuveen Asset Management LLC lifted its holdings in Melco Resorts & Entertainment by 1.4% during the fourth quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company’s stock valued at $35,211,000 after purchasing an additional 83,268 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Melco Resorts & Entertainment during the fourth quarter worth about $28,989,000. Finally, Renaissance Technologies LLC increased its stake in shares of Melco Resorts & Entertainment by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock worth $13,886,000 after purchasing an additional 1,150,500 shares in the last quarter. 39.62% of the stock is owned by 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.