Renaissance Technologies LLC Sells 274,500 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Renaissance Technologies LLC trimmed its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 17.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,322,600 shares of the company’s stock after selling 274,500 shares during the period. Renaissance Technologies LLC owned approximately 0.30% of Melco Resorts & Entertainment worth $9,867,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ridgewood Investments LLC acquired a new position in Melco Resorts & Entertainment during the 2nd quarter worth approximately $42,000. Blue Trust Inc. boosted its holdings in Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after purchasing an additional 5,191 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Melco Resorts & Entertainment in the first quarter valued at $56,000. Headlands Technologies LLC acquired a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $56,000. Finally, Pitcairn Co. bought a new stake in Melco Resorts & Entertainment during the 1st quarter worth about $80,000. 39.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MLCO has been the subject of several analyst reports. JPMorgan Chase & Co. cut Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Bank of America lowered their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ:MLCO opened at $6.00 on Tuesday. The company has a 50-day simple moving average of $5.57 and a 200 day simple moving average of $6.76. The company has a market capitalization of $2.67 billion, a P/E ratio of -14.29, a price-to-earnings-growth ratio of 0.91 and a beta of 1.03. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $10.10.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. The business’s revenue was up 22.3% compared to the same quarter last year. As a group, equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.2 earnings per share for the current year.

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.