Cubist Systematic Strategies LLC Takes $6.46 Million Position in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Cubist Systematic Strategies LLC invested approximately $6.46 million for 1,225,925 shares in Melco Resorts & Entertainment, representing a 0.29% ownership as per their latest SEC filing.
• Melco Resorts & Entertainment reported a 14.5% year-over-year revenue increase for the quarter, achieving $1.33 billion in revenue and surpassing analyst expectations of $1.20 billion.
• Recent analyst upgrades for Melco Resorts include JPMorgan's upgrade to "overweight" with a target price raise from $7.20 to $9.50 and Citigroup's target increase from $11.00 to $11.50 with a "buy" rating.

Cubist Systematic Strategies LLC purchased a new stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,225,925 shares of the company's stock, valued at approximately $6,461,000. Cubist Systematic Strategies LLC owned about 0.29% of Melco Resorts & Entertainment as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MLCO. Headlands Technologies LLC lifted its position in Melco Resorts & Entertainment by 4.2% during the first quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock valued at $370,000 after acquiring an additional 2,829 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Melco Resorts & Entertainment by 8.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock worth $291,000 after buying an additional 3,873 shares during the last quarter. DAVENPORT & Co LLC increased its stake in Melco Resorts & Entertainment by 5.9% in the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock valued at $453,000 after buying an additional 4,815 shares during the period. Pinpoint Asset Management Ltd grew its stake in Melco Resorts & Entertainment by 6.4% in the 1st quarter. Pinpoint Asset Management Ltd now owns 95,758 shares of the company's stock valued at $505,000 after acquiring an additional 5,797 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Melco Resorts & Entertainment in the first quarter valued at approximately $34,000. 39.62% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MLCO. Zacks Research raised Melco Resorts & Entertainment from a "hold" rating to a "strong-buy" rating in a report on Thursday. Citigroup raised their price target on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a research report on Friday, August 1st. Bank of America lifted their target price on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a report on Tuesday, May 20th. CLSA upgraded Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating in a research report on Wednesday, September 3rd. Finally, Wall Street Zen upgraded Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO traded down $0.11 during mid-day trading on Monday, reaching $9.64. 935,119 shares of the company were exchanged, compared to its average volume of 3,834,461. The firm's 50-day simple moving average is $8.95 and its 200 day simple moving average is $6.85. Melco Resorts & Entertainment Limited has a 1 year low of $4.55 and a 1 year high of $10.15. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 74.20 and a beta of 0.77.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the business posted $0.05 earnings per share. The business's revenue was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.

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.