Bridger Management LLC Boosts Holdings in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Bridger Management LLC increased its stake in Melco Resorts & Entertainment by 172.1%, acquiring a total of 964,644 shares valued at approximately $5.08 million.
• Several institutional investors significantly boosted their holdings in Melco Resorts & Entertainment, with 39.62% of the stock now owned by these entities.
• Melco Resorts reported quarterly earnings of $0.23 EPS, surpassing estimates, with revenues of $1.33 billion, marking a 14.5% year-over-year increase.

Bridger Management LLC boosted its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 172.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 964,644 shares of the company's stock after purchasing an additional 610,100 shares during the period. Melco Resorts & Entertainment comprises 2.5% of Bridger Management LLC's holdings, making the stock its 17th biggest holding. Bridger Management LLC owned approximately 0.23% of Melco Resorts & Entertainment worth $5,084,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MLCO. Caitong International Asset Management Co. Ltd bought a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $34,000. Brown Advisory Inc. bought a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $53,000. Aigen Investment Management LP bought a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $59,000. GAMMA Investing LLC grew its holdings in Melco Resorts & Entertainment by 88.1% during the 1st quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock valued at $75,000 after purchasing an additional 6,638 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Melco Resorts & Entertainment by 294.1% during the 1st quarter. US Bancorp DE now owns 20,874 shares of the company's stock valued at $110,000 after purchasing an additional 15,578 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on MLCO. Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. CLSA raised shares of Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating in a research report on Wednesday. JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $7.20 to $9.50 in a research report on Tuesday, July 1st. Citigroup boosted their price objective on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Bank of America boosted their price objective on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $8.15.

Melco Resorts & Entertainment Trading Down 3.5%

Shares of MLCO traded down $0.35 during mid-day trading on Friday, hitting $9.74. The company's stock had a trading volume of 3,521,583 shares, compared to its average volume of 2,652,360. The company's 50-day moving average is $8.95 and its 200-day moving average is $6.84. Melco Resorts & Entertainment Limited has a 52-week low of $4.55 and a 52-week high of $10.15. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 74.93 and a beta of 0.77.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.14. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the prior year, the company earned $0.05 EPS. The company's revenue was up 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.

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.