DAVENPORT & Co LLC Buys 5,750 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

DAVENPORT & Co LLC lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 6.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,002 shares of the company’s stock after acquiring an additional 5,750 shares during the period. DAVENPORT & Co LLC’s holdings in Melco Resorts & Entertainment were worth $834,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new stake in Melco Resorts & Entertainment during the first quarter valued at $57,000. Penserra Capital Management LLC boosted its stake in Melco Resorts & Entertainment by 49.8% during the fourth quarter. Penserra Capital Management LLC now owns 5,754 shares of the company’s stock valued at $66,000 after buying an additional 1,914 shares during the period. Commonwealth Equity Services LLC bought a new stake in Melco Resorts & Entertainment during the third quarter valued at $70,000. FNY Investment Advisers LLC bought a new stake in Melco Resorts & Entertainment during the fourth quarter valued at $88,000. Finally, Centaurus Financial Inc. bought a new stake in Melco Resorts & Entertainment during the second quarter valued at $104,000. 39.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MLCO shares. Morgan Stanley reissued an “equal weight” rating and set a $9.60 price objective on shares of Melco Resorts & Entertainment in a research note on Tuesday, January 2nd. Susquehanna started coverage on Melco Resorts & Entertainment in a research note on Friday, December 15th. They set a “positive” rating and a $15.00 price objective for the company. Finally, StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.78.

Melco Resorts & Entertainment Stock Down 1.8 %

Shares of MLCO stock opened at $7.09 on Monday. The business has a 50-day moving average price of $7.84 and a two-hundred day moving average price of $8.14. Melco Resorts & Entertainment Limited has a 12-month low of $6.61 and a 12-month high of $14.45. The firm has a market cap of $3.16 billion, a P/E ratio of -11.25 and a beta of 1.11.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.03 by $0.10. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.14 billion. The firm’s quarterly revenue was up 224.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.51) EPS. As a group, research analysts expect that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current fiscal year.

Melco Resorts & Entertainment 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.