Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Sees Significant Growth in Short Interest

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 8,440,000 shares, a growth of 14.5% from the October 15th total of 7,370,000 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily trading volume, of 2,470,000 shares, the days-to-cover ratio is currently 3.4 days.

Analysts Set New Price Targets

MLCO has been the subject of a number of recent analyst reports. StockNews.com downgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, September 30th. Macquarie started coverage on Melco Resorts & Entertainment in a report on Tuesday, July 18th. They set an “outperform” rating and a $16.30 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $14.83.

Melco Resorts & Entertainment Price Performance

MLCO opened at $7.26 on Wednesday. Melco Resorts & Entertainment has a 1 year low of $6.55 and a 1 year high of $14.45. The firm has a 50 day moving average price of $8.96 and a 200 day moving average price of $11.02.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Tuesday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.05). The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company posted ($0.52) EPS. The firm’s revenue for the quarter was up 320.7% compared to the same quarter last year. As a group, analysts forecast that Melco Resorts & Entertainment will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently added to or reduced their stakes in MLCO. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Melco Resorts & Entertainment by 3.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 35,078 shares of the company’s stock worth $428,000 after buying an additional 1,118 shares during the period. Mcdonald Partners LLC boosted its holdings in Melco Resorts & Entertainment by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 76,476 shares of the company’s stock worth $934,000 after acquiring an additional 1,180 shares during the period. Geode Capital Management LLC grew its position in Melco Resorts & Entertainment by 0.4% in the first quarter. Geode Capital Management LLC now owns 319,451 shares of the company’s stock valued at $4,067,000 after acquiring an additional 1,273 shares in the last quarter. Credit Suisse AG grew its position in Melco Resorts & Entertainment by 0.6% in the fourth quarter. Credit Suisse AG now owns 245,406 shares of the company’s stock valued at $2,822,000 after acquiring an additional 1,420 shares in the last quarter. Finally, Arbor Capital Management Inc. ADV raised its stake in shares of Melco Resorts & Entertainment by 1.5% during the first quarter. Arbor Capital Management Inc. ADV now owns 109,108 shares of the company’s stock valued at $1,402,000 after purchasing an additional 1,643 shares during the period. 39.82% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

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.