Melco Resorts & Entertainment (NASDAQ:MLCO) Stock Price Down 3.1% – Should You Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) dropped 3.1% on Thursday . The stock traded as low as $5.60 and last traded at $5.61. Approximately 480,691 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 3,360,736 shares. The stock had previously closed at $5.79.

Analyst Ratings Changes

Separately, Morgan Stanley reiterated an “equal weight” rating and set a $7.50 target price (down previously from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.40.

Melco Resorts & Entertainment Trading Down 3.5 %

The stock has a market cap of $2.35 billion, a P/E ratio of -25.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.05. The stock has a 50 day simple moving average of $6.39 and a 200 day simple moving average of $6.42.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MLCO. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment in the 2nd quarter valued at approximately $56,000. Ballentine Partners LLC acquired a new position in shares of Melco Resorts & Entertainment during the third quarter valued at about $81,000. Leo Wealth LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $93,000. Creative Planning increased its position in Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock valued at $124,000 after buying an additional 4,220 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Melco Resorts & Entertainment by 16.6% during the 3rd quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock worth $147,000 after buying an additional 2,686 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

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.