Melco Resorts & Entertainment (MLCO) Stock Price Up 12.4%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price rose 12.4% during mid-day trading on Thursday . The stock traded as high as $19.09 and last traded at $18.70. Approximately 6,025,715 shares changed hands during mid-day trading, an increase of 85% from the average daily volume of 3,253,415 shares. The stock had previously closed at $16.63.

MLCO has been the topic of several recent analyst reports. Bank of America reissued a “buy” rating and issued a $35.10 price target (up from $34.40) on shares of Melco Resorts & Entertainment in a research note on Tuesday, July 24th. Nomura lowered their target price on Melco Resorts & Entertainment from $42.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, July 9th. HSBC set a $33.00 target price on Melco Resorts & Entertainment and gave the stock a “buy” rating in a research report on Tuesday, October 16th. TheStreet lowered Melco Resorts & Entertainment from a “b-” rating to a “c+” rating in a research report on Tuesday. Finally, Zacks Investment Research lowered Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $32.89.

The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $8.21 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 1.40 and a beta of 1.48.

Several large investors have recently modified their holdings of MLCO. First Hawaiian Bank bought a new stake in Melco Resorts & Entertainment during the third quarter worth $163,000. FNY Investment Advisers LLC bought a new stake in Melco Resorts & Entertainment during the second quarter worth $201,000. Sumitomo Life Insurance Co. bought a new stake in Melco Resorts & Entertainment during the third quarter worth $201,000. Rothschild Investment Corp IL bought a new stake in Melco Resorts & Entertainment during the second quarter worth $202,000. Finally, Lucia Wealth Services LLC bought a new stake in Melco Resorts & Entertainment during the second quarter worth $210,000. 39.78% of the stock is currently owned by institutional investors.

About Melco Resorts & Entertainment (NASDAQ:MLCO)

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.

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