Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Shares Sold by Millennium Management LLC

Millennium Management LLC decreased its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 49.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,131,575 shares of the company's stock after selling 1,106,601 shares during the period. Millennium Management LLC owned 0.27% of Melco Resorts & Entertainment worth $6,552,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. ARGA Investment Management LP lifted its stake in Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after purchasing an additional 456,117 shares during the last quarter. Eminence Capital LP lifted its stake in Melco Resorts & Entertainment by 22.1% in the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after purchasing an additional 1,402,619 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Melco Resorts & Entertainment in the fourth quarter worth about $28,989,000. Renaissance Technologies LLC lifted its stake in Melco Resorts & Entertainment by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock worth $13,886,000 after purchasing an additional 1,150,500 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Melco Resorts & Entertainment by 206.5% in the fourth quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock worth $11,633,000 after purchasing an additional 1,353,617 shares during the last quarter. Institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Stock Down 1.1%

MLCO stock traded down $0.07 during trading on Friday, hitting $6.28. 1,477,747 shares of the company's stock traded hands, compared to its average volume of 3,699,192. The firm has a market capitalization of $2.64 billion, a P/E ratio of -28.54, a PEG ratio of 0.63 and a beta of 0.71. The business has a fifty day simple moving average of $5.46 and a two-hundred day simple moving average of $5.73. Melco Resorts & Entertainment Limited has a 1 year low of $4.55 and a 1 year high of $8.90.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the company earned $0.04 earnings per share. The business's revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities research analysts predict that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

Analysts Set New Price Targets

MLCO has been the subject of several analyst reports. Bank of America raised their price objective on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. UBS Group downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective for the company. in a research note on Wednesday, April 30th. Susquehanna decreased their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research note on Monday, February 3rd. Citigroup raised shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price on the stock in a research report on Thursday, April 10th. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and reduced their target price for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $6.69.

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.