Melco Resorts & Entertainment Limited $MLCO Shares Bought by Trexquant Investment LP

Key Points

• Trexquant Investment LP increased its stake in Melco Resorts & Entertainment by 15.2%, owning approximately 1.3 million shares valued at about $6.89 million.
• Multiple institutional investors have significantly boosted their holdings in Melco Resorts & Entertainment, with 39.62% of the stock now owned by such investors and hedge funds.
• Analysts have upgraded Melco Resorts with a consensus rating of "Moderate Buy" and an average price target of $8.15, with recent earnings exceeding expectations.

Trexquant Investment LP grew its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 15.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,306,608 shares of the company's stock after purchasing an additional 171,960 shares during the quarter. Trexquant Investment LP owned 0.31% of Melco Resorts & Entertainment worth $6,886,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. ARGA Investment Management LP boosted its stake in shares of Melco Resorts & Entertainment by 0.4% during the 1st quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company's stock worth $156,840,000 after acquiring an additional 108,529 shares in the last quarter. Eminence Capital LP boosted its stake in shares of Melco Resorts & Entertainment by 22.1% during the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after acquiring an additional 1,402,619 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Melco Resorts & Entertainment by 1.4% during the 4th quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock worth $35,211,000 after acquiring an additional 83,268 shares in the last quarter. Nuveen LLC bought a new stake in shares of Melco Resorts & Entertainment during the 1st quarter worth $31,946,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock worth $11,633,000 after acquiring an additional 1,353,617 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock traded down $0.04 during midday trading on Thursday, reaching $10.10. 1,535,906 shares of the company traded hands, compared to its average volume of 3,846,731. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $10.15. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 77.69 and a beta of 0.77. The business has a 50 day moving average of $8.84 and a two-hundred day moving average of $6.79.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the prior year, the company posted $0.05 earnings per share. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analyst Ratings Changes

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

Melco Resorts & Entertainment 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.