Invenomic Capital Management LP Has $6.94 Million Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Invenomic Capital Management LP cut its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 35.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,199,375 shares of the company's stock after selling 666,324 shares during the quarter. Invenomic Capital Management LP owned 0.29% of Melco Resorts & Entertainment worth $6,944,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MLCO. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Melco Resorts & Entertainment during the fourth quarter valued at $28,989,000. Eminence Capital LP increased its stake in Melco Resorts & Entertainment by 22.1% in the 4th 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 in the last quarter. BNP Paribas Financial Markets raised its holdings in 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 buying an additional 1,353,617 shares during the period. JPMorgan Chase & Co. lifted its stake in Melco Resorts & Entertainment by 1,240.2% during the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company's stock valued at $7,771,000 after buying an additional 1,241,986 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Melco Resorts & Entertainment by 92.2% during the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock valued at $13,886,000 after buying an additional 1,150,500 shares in the last quarter. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO traded up $0.10 during mid-day trading on Friday, reaching $6.44. The company had a trading volume of 2,901,211 shares, compared to its average volume of 3,733,404. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -29.27, a PEG ratio of 0.63 and a beta of 0.71. The stock has a fifty day moving average of $5.31 and a two-hundred day moving average of $5.78. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $8.90.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MLCO shares. 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. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lowered their price objective for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. UBS Group downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price on the stock. in a research note on Wednesday, April 30th. Finally, Susquehanna decreased their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $6.84.

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.