Geode Capital Management LLC Grows Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Geode Capital Management LLC boosted its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 8.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 364,090 shares of the company’s stock after acquiring an additional 27,411 shares during the period. Geode Capital Management LLC’s holdings in Melco Resorts & Entertainment were worth $2,108,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after buying an additional 4,403 shares during the period. Samalin Investment Counsel LLC raised its holdings in shares of Melco Resorts & Entertainment by 11.6% in the 4th quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock worth $557,000 after purchasing an additional 10,000 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Melco Resorts & Entertainment in the 4th quarter valued at about $58,000. Empirical Asset Management LLC purchased a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth about $73,000. Finally, Mcdonald Partners LLC raised its holdings in Melco Resorts & Entertainment by 19.4% in the fourth quarter. Mcdonald Partners LLC now owns 92,360 shares of the company’s stock valued at $535,000 after buying an additional 15,021 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $5.18 on Wednesday. The firm has a 50-day moving average of $5.30 and a two-hundred day moving average of $5.87. The stock has a market cap of $2.20 billion, a P/E ratio of -23.54, a PEG ratio of 0.63 and a beta of 0.87. Melco Resorts & Entertainment Limited has a 1-year low of $4.55 and a 1-year high of $8.90.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Citigroup raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price objective on the stock in a research report on Thursday, April 10th. Finally, Susquehanna decreased their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.29.

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.