Solel Partners LP raised its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Free Report) by 34.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,328,000 shares of the company’s stock after purchasing an additional 338,700 shares during the period. Melco Resorts & Entertainment accounts for approximately 1.6% of Solel Partners LP’s investment portfolio, making the stock its 17th biggest position. Solel Partners LP owned approximately 0.30% of Melco Resorts & Entertainment worth $9,907,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the stock. Jump Financial LLC acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at about $139,000. Vanguard Personalized Indexing Management LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter valued at approximately $111,000. Janney Montgomery Scott LLC acquired a new stake in Melco Resorts & Entertainment during the 4th quarter valued at approximately $1,024,000. PNC Financial Services Group Inc. raised its holdings in Melco Resorts & Entertainment by 7.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 252,738 shares of the company’s stock worth $2,242,000 after purchasing an additional 17,088 shares during the last quarter. Finally, Arbor Capital Management Inc. ADV raised its holdings in Melco Resorts & Entertainment by 4.4% during the 4th quarter. Arbor Capital Management Inc. ADV now owns 115,705 shares of the company’s stock worth $1,062,000 after purchasing an additional 4,898 shares during the last quarter. 39.62% of the stock is owned by institutional investors.
Melco Resorts & Entertainment Stock Up 0.5 %
Shares of MLCO stock opened at $6.00 on Tuesday. The firm has a 50 day moving average of $5.57 and a 200-day moving average of $6.76. The company has a market cap of $2.67 billion, a price-to-earnings 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.
Analyst Ratings Changes
MLCO has been the subject of several recent analyst reports. Bank of America decreased their price objective on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a research report on Monday, August 12th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and cut their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and an average target price of $9.82.
Read Our Latest Analysis on MLCO
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.
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