Creative Planning cut its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Free Report) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,200 shares of the company’s stock after selling 1,444 shares during the quarter. Creative Planning’s holdings in Melco Resorts & Entertainment were worth $173,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of MLCO. Capstone Investment Advisors LLC acquired a new position in Melco Resorts & Entertainment during the 1st quarter worth approximately $228,000. Solstein Capital LLC increased its stake in Melco Resorts & Entertainment by 10.5% during the 1st quarter. Solstein Capital LLC now owns 138,639 shares of the company’s stock valued at $1,765,000 after purchasing an additional 13,143 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in Melco Resorts & Entertainment by 124.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 49,135 shares of the company’s stock valued at $625,000 after purchasing an additional 27,195 shares in the last quarter. Primoris Wealth Advisors LLC bought a new stake in Melco Resorts & Entertainment during the 1st quarter worth approximately $3,305,000. Finally, QP Wealth Management LLC bought a new stake in Melco Resorts & Entertainment during the 1st quarter worth approximately $175,000. 39.82% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on MLCO shares. StockNews.com lowered Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, September 30th. Macquarie initiated coverage on shares of Melco Resorts & Entertainment in a research note on Tuesday, July 18th. They issued an “outperform” rating and a $16.30 target price for the company. Finally, VNET Group reiterated a “downgrade” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, June 28th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.83.
Melco Resorts & Entertainment Price Performance
MLCO opened at $8.22 on Thursday. The company has a fifty day moving average price of $9.82 and a 200-day moving average price of $11.55. The firm has a market capitalization of $3.66 billion, a P/E ratio of -6.18 and a beta of 1.26. Melco Resorts & Entertainment Limited has a one year low of $4.72 and a one year high of $14.45.
Melco Resorts & Entertainment (NASDAQ:MLCO – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.12. The firm had revenue of $947.94 million for the quarter, compared to analysts’ expectations of $881.75 million. On average, analysts expect that Melco Resorts & Entertainment Limited will post -0.16 earnings per share for the current year.
Melco Resorts & Entertainment 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.
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