Melco Resorts & Entertainment Target of Unusually Large Options Trading (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCOGet Rating) was the target of unusually large options trading activity on Friday. Traders acquired 26,418 call options on the stock. This is an increase of approximately 376% compared to the typical daily volume of 5,552 call options.

Melco Resorts & Entertainment Stock Up 12.3 %

Shares of NASDAQ MLCO opened at $7.38 on Friday. The firm’s 50-day simple moving average is $6.09 and its 200 day simple moving average is $5.68. The company has a market cap of $3.37 billion, a price-to-earnings ratio of -4.04 and a beta of 1.14. The company has a quick ratio of 2.31, a current ratio of 2.34 and a debt-to-equity ratio of 21.09. Melco Resorts & Entertainment has a 12-month low of $4.06 and a 12-month high of $12.40.

Melco Resorts & Entertainment (NASDAQ:MLCOGet Rating) last issued its quarterly earnings results on Thursday, August 18th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01. The business had revenue of $296.11 million for the quarter, compared to the consensus estimate of $383.51 million. Melco Resorts & Entertainment had a negative net margin of 56.15% and a negative return on equity of 182.94%. On average, research analysts expect that Melco Resorts & Entertainment will post -1.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MLCO. Citigroup upped their target price on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a “buy” rating in a report on Monday, September 26th. StockNews.com raised shares of Melco Resorts & Entertainment to a “sell” rating in a report on Thursday, October 27th. Finally, Credit Suisse Group lowered shares of Melco Resorts & Entertainment from an “outperform” rating to a “neutral” rating in a report on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.25.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. ARGA Investment Management LP lifted its position in Melco Resorts & Entertainment by 13.8% during the 3rd quarter. ARGA Investment Management LP now owns 29,570,341 shares of the company’s stock valued at $196,039,000 after purchasing an additional 3,596,229 shares during the period. Eminence Capital LP lifted its position in Melco Resorts & Entertainment by 33.7% during the 2nd quarter. Eminence Capital LP now owns 11,561,635 shares of the company’s stock valued at $66,479,000 after purchasing an additional 2,912,040 shares during the period. State Street Corp lifted its position in Melco Resorts & Entertainment by 6.8% during the 1st quarter. State Street Corp now owns 7,314,325 shares of the company’s stock valued at $55,881,000 after purchasing an additional 463,882 shares during the period. Coronation Fund Managers Ltd. lifted its position in Melco Resorts & Entertainment by 65.8% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 6,311,377 shares of the company’s stock valued at $41,844,000 after purchasing an additional 2,505,157 shares during the period. Finally, Wellington Management Group LLP acquired a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $38,248,000. 35.87% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

(Get Rating)

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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