Sei Investments Co. Sells 319,735 Shares of Melco Resorts & Entertainment Limited $MLCO

Key Points

• Sei Investments reduced its Melco Resorts & Entertainment position by 18.6%, selling 319,735 shares and retaining 1.4 million shares worth approximately $7.95 million. Institutional investors collectively own 39.62% of MLCO.
• Analyst sentiment is mixed: Morgan Stanley downgraded the stock to “negative,” while CLSA and CICC Research upgraded it to “outperform.” The overall consensus rating is “Hold”, with an average price target of $7.32.
• MLCO opened at $5.73, near its 50-day and 200-day moving averages, and has traded between $5.07 and $10.15 over the past year. The company operates integrated casino resorts, hotels, dining and entertainment venues in Asia and Europe.

Sei Investments Co. decreased its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 18.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,400,430 shares of the company's stock after selling 319,735 shares during the quarter. Sei Investments Co. owned approximately 0.34% of Melco Resorts & Entertainment worth $7,954,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC grew its holdings in Melco Resorts & Entertainment by 1,370.8% during the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company's stock valued at $29,000 after buying an additional 4,702 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Melco Resorts & Entertainment during the fourth quarter valued at approximately $48,000. Quarry LP purchased a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $68,000. Hilton Head Capital Partners LLC purchased a new stake in Melco Resorts & Entertainment during the 4th quarter valued at $63,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Melco Resorts & Entertainment during the 2nd quarter valued at $71,000. Institutional investors own 39.62% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MLCO. Morgan Stanley lowered Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. dropped their price objective on Melco Resorts & Entertainment from $6.00 to $5.70 and set a "neutral" rating on the stock in a research report on Thursday, July 16th. CLSA raised shares of Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and cut their price target for the stock from $6.10 to $6.00 in a report on Friday, July 10th. Citigroup dropped their price target on Melco Resorts & Entertainment from $10.50 to $9.40 and set a "buy" rating on the stock in a research note on Friday, July 10th. Finally, CICC Research raised Melco Resorts & Entertainment to an "outperform" rating in a research report on Sunday, April 19th. One 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $7.32.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $5.73 on Monday. The company has a 50 day moving average price of $5.49 and a 200-day moving average price of $5.69. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 3.58 and a beta of 0.59. Melco Resorts & Entertainment Limited has a 1-year low of $5.07 and a 1-year high of $10.15.

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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