Renaissance Technologies LLC Raises Stake in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Renaissance Technologies increased its Melco Resorts & Entertainment stake by 7.9% in the first quarter, holding 4.46 million shares worth approximately $25.3 million, or 1.1% of the company.
• Several institutional investors also expanded their positions, including Coronation Fund Managers, which raised its stake by 35.2%; institutional investors collectively own 39.62% of MLCO.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a consensus price target of $7.32. Shares recently opened at $5.69, compared with a 52-week range of $5.07 to $10.15.

Renaissance Technologies LLC lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,461,600 shares of the company's stock after purchasing an additional 325,900 shares during the period. Renaissance Technologies LLC owned about 1.10% of Melco Resorts & Entertainment worth $25,342,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Coronation Fund Managers Ltd. boosted its holdings in shares of Melco Resorts & Entertainment by 35.2% in the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company's stock valued at $64,010,000 after purchasing an additional 2,934,127 shares during the period. Capula Management Ltd purchased a new position in Melco Resorts & Entertainment during the 1st quarter worth $1,326,000. SG Americas Securities LLC lifted its holdings in shares of Melco Resorts & Entertainment by 190.9% in the 1st quarter. SG Americas Securities LLC now owns 461,100 shares of the company's stock worth $2,619,000 after buying an additional 302,609 shares during the period. Bleakley Financial Group LLC grew its position in shares of Melco Resorts & Entertainment by 29.8% during the 1st quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company's stock worth $2,621,000 after buying an additional 105,887 shares in the last quarter. Finally, Clough Capital Partners L P increased its stake in shares of Melco Resorts & Entertainment by 17.6% during the fourth quarter. Clough Capital Partners L P now owns 1,120,920 shares of the company's stock valued at $8,485,000 after buying an additional 167,890 shares during the period. Hedge funds and other institutional investors own 39.62% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MLCO. CLSA raised shares of Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and lowered their price objective for the stock from $6.10 to $6.00 in a research note on Friday, July 10th. Citigroup reduced their price target on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a "buy" rating for the company in a report on Friday, July 10th. Morgan Stanley cut shares of Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Finally, CICC Research raised shares of Melco Resorts & Entertainment to an "outperform" rating in a report on Sunday, April 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $7.32.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $5.69 on Thursday. Melco Resorts & Entertainment Limited has a one year low of $5.07 and a one year high of $10.15. The company has a market capitalization of $2.21 billion, a PE ratio of 9.81, a P/E/G ratio of 3.52 and a beta of 0.59. The company has a 50-day simple moving average of $5.48 and a two-hundred day simple moving average of $5.70.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited NASDAQ: MLCO is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company's portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco's properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.

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