Stock Traders Purchase Large Volume of Melco Resorts & Entertainment Put Options (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of some unusual options trading activity on Tuesday. Investors purchased 25,071 put options on the stock. This represents an increase of approximately 398% compared to the average volume of 5,032 put options.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $5.36 on Wednesday. Melco Resorts & Entertainment has a one year low of $4.78 and a one year high of $9.39. The firm has a 50 day simple moving average of $5.99 and a 200-day simple moving average of $6.16. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -24.36, a PEG ratio of 0.61 and a beta of 1.04.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in MLCO. GAMMA Investing LLC increased its holdings in Melco Resorts & Entertainment by 140.7% in the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after buying an additional 4,403 shares during the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Melco Resorts & Entertainment during the 4th quarter worth about $58,000. Empirical Asset Management LLC purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter valued at about $73,000. Ballentine Partners LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 3rd quarter worth about $81,000. Finally, Leo Wealth LLC purchased a new stake in Melco Resorts & Entertainment during the third quarter worth approximately $93,000. 39.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reaffirmed 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. Susquehanna cut their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and an average price target of $9.00.

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.