Investors Buy High Volume of Call Options on Melco Resorts & Entertainment (NASDAQ:MLCO)

Posted by Defense World Staff on Oct 25th, 2023

Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Stock traders acquired 11,457 call options on the stock. This represents an increase of approximately 133% compared to the typical volume of 4,908 call options.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Macquarie began coverage on Melco Resorts & Entertainment in a research report on Tuesday, July 18th. They issued an “outperform” rating and a $16.30 target price on the stock. StockNews.com lowered Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, September 30th. Bank of America lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 27th. Finally, VNET Group restated a “downgrade” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $14.83.

Read Our Latest Stock Analysis on MLCO

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Coronation Fund Managers Ltd. lifted its holdings in shares of Melco Resorts & Entertainment by 26.1% during the second quarter. Coronation Fund Managers Ltd. now owns 10,601,596 shares of the company’s stock worth $129,445,000 after purchasing an additional 2,194,015 shares during the period. Capstone Investment Advisors LLC purchased a new position in Melco Resorts & Entertainment in the 1st quarter valued at approximately $228,000. Solstein Capital LLC boosted its position in Melco Resorts & Entertainment by 10.5% during the first quarter. Solstein Capital LLC now owns 138,639 shares of the company’s stock worth $1,765,000 after purchasing an additional 13,143 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in Melco Resorts & Entertainment by 124.0% in the 1st quarter. Pinnacle Associates Ltd. now owns 49,135 shares of the company’s stock valued at $625,000 after acquiring an additional 27,195 shares during the last quarter. Finally, Primoris Wealth Advisors LLC purchased a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $3,305,000. Hedge funds and other institutional investors own 39.82% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO opened at $8.49 on Wednesday. Melco Resorts & Entertainment has a 1 year low of $4.72 and a 1 year high of $14.45. The stock has a market capitalization of $3.78 billion, a PE ratio of -6.38 and a beta of 1.26. The company’s 50-day simple moving average is $9.87 and its 200-day simple moving average is $11.57.

Melco Resorts & Entertainment (NASDAQ:MLCO – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.12. The firm had revenue of $947.94 million during the quarter, compared to analysts’ expectations of $881.75 million. On average, sell-side analysts predict that Melco Resorts & Entertainment will post -0.16 earnings per share for the current year.

Melco Resorts & Entertainment Company Profile

(Get Free Report)

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.